The Milk Road Show The One Catalyst That Could Send Crypto Soaring Is Happening Now w/ Alex Thorn
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May 12, 2026 
Alex Thorn, Head of Firmwide Research at Galaxy Digital, breaks down the Clarity Act and its potential to reshape U.S. crypto rules. He explains the May draft improvements, the stablecoin yield compromise, and the Senate votes that could decide it all. They discuss how regulation might unlock institutional adoption, the TradFi-crypto convergence, AI overlaps with crypto, and key catalysts for Bitcoin’s next move.
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Bipartisan Committee Votes Determine Passage Odds
- Committee politics matter: bipartisan Democratic support on the Senate Banking Committee is likely required for a strong path to final passage; a purely partisan advance would weaken odds.
- Alex estimates roughly a 55% chance the bill becomes law this year, contingent on securing Democratic votes.
Accept Tradeoffs To Secure Longer Term Clarity
- Expect negotiations to continue and weigh long-term gains over short-term limits; the industry accepted restrictions on passive rewards to secure broader legal clarity and protections.
- Alex suggests the bill buys the crypto industry two-plus years of regulatory certainty under this administration.
Ethics Rule Will Be Fought On Senate Floor Not In Banking Markup
- The ethics provision (restricting government officials' crypto activities) likely won't be resolved in Banking markup and will surface on the Senate floor under ethics committee jurisdiction.
- While politically charged, Alex argues the bill's compliance and disclosure measures materially reduce manipulation risks even without that explicit clause.