OKX's Rafique says politics could derail crypto's biggest U.S. bill

OKX's Haider Rafique said he is increasingly pessimistic that the Clarity Act will clear Congress this year, arguing political realities rather than policy disagreements are the biggest obstacle to the landmark crypto market structure bill.

Rafique, who is the exchange’s global managing partner for Corporate Affairs and Investor Relations, said Democrats have little incentive to hand Republicans a major legislative victory ahead of this year's midterm elections, particularly given criticism surrounding President Donald Trump's ties to the crypto industry.

"I don't believe there is enough Democratic support for it to pass," Rafique told CoinDesk in an interview before the Senate announced it would not vote on the bill this month. "Why would they want to give Republicans such a significant win on a highly polarizing piece of legislation before the midterms?"

The Clarity Act is widely regarded as the crypto industry's most consequential U.S. market structure bill, with supporters arguing it would establish a clear regulatory framework for digital assets and encourage greater institutional participation.

Its prospects have dimmed, however. Industry leaders are now looking to September, when the Senate returns to Washington, D.C., as the next opportunity for a vote.