Tom Lee, Chairman of Bitmine, an Ethereum treasury company, stated in an interview that the crypto market may continue to rise even if the US Clarity Act fails, as the actual demand in the industry is more important than any single piece of legislation.

If passed, the bill would establish a clearer federal regulatory framework for the crypto industry and further clarify the Commodity Futures Trading Commission's responsibilities regarding the spot crypto market. Even if the bill fails, the Commodity Futures Trading Commission and the Securities and Exchange Commission will continue to act as the main federal regulatory bodies, regulating the industry under existing statutory authority. The Senate previously failed to pass a procedural vote with a 49-50 split, still short of the 60 votes needed.

Lee cited the example of the prediction market and sports betting markets, which have continued to expand despite long-term regulatory uncertainty, indicating that demand-side growth can precede the enactment of written laws. He also emphasized that while the passage of the bill would accelerate institutional entry, it would not be the sole driver of market fluctuations.

Bitmine continues to accumulate Ethereum on its public company balance sheet, recently holding approximately 5.956 million ETH, accounting for about 4.9% of the circulating supply, and is approaching its target of holding 5% of the total Ethereum supply; approximately 5.07 million ETH is staked, with a staking ratio of about 85%. The company has also purchased an additional 27,180 ETH in the past week.

After the procedural vote failed, the chairpersons of the SEC and CFTC publicly stated they would use existing statutory powers to advance crypto regulations, including token classification, tokenized securities exemption pathways, and rule amendments for related products such as prediction markets and perpetual contracts.

In market mechanisms, this represents a repricing of events following a decline in legislative expectations: shorts are betting on "one-time clearance by Congress," while longs are betting on "demand + administrative rules can still advance." Funds are shifting from binary contracts betting on the bill's passage to spot Ethereum, staking yields, and treasury-related stocks; the beneficiaries are publicly traded treasury companies that have accumulated coins and possess staking cash flows, while the pressured parties are leveraged longs that have fully bet on the Senate agenda for short-term catalysts.

The public market also shows that Bitcoin's rebound has amplified the volatility of crypto treasury stocks, with Bitmine's stock price moving in tandem with the sector, while the probability of the bill passing this year has significantly declined after the vote.

Source: Public Information