It's rare in DC for the fate of major legislation to be truly unknown, but that's where we stand with the Clarity Act right now.
As of today, there's no deal, but also no lack of effort or urgency to get there in the next few weeks. July is the final stretch: it's now or never.
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CME suing CFTC was a shocking miscalculation, an unforced error that revealed "the emperor has no clothes."
Once viewed as the elephant in every room in DC on derivatives, CME now outs itself as a petty incumbent monopolist afraid of competition.
Sorry, competition is here!
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