Weekly Washington Policy Pulse: Graham Death, Crypto Bill Pass Odds?

A look at the fallout from Senator Lindsey Graham's unexpected death and the impact it has on reconciliation 3.0 chances, a potential for $350 billion in defense funding and the appropriations process led Bloomberg Intelligence's July 13 Washington Policy Pulse. The death of the Senate Budget Committee chairman -- who was a key proponent of another reconciliation package -- probably puts further roadblocks on the idea and supports our view that such a package has a low chance of success in 2026. We also discussed the forecast for the CLARITY Act and whether or not a crypto bill can pass in July. For crypto platforms like Robinhood and Coinbase, the failure to pass the bill in 2026 likely leaves the industry with regulatory certainty only for a few years, not long-term. Finally, we previewed Fed Chairman Kevin Warsh's testimony on Capitol Hill and whether or not he will address bank regulatory matters important to Bank of America, Citigroup and Wells Fargo. The Bloomberg Intelligence Financial Policy weekly call is designed to provide investors an opportunity to learn about the most recent relevant policy research, information regarding forthcoming political catalysts and other on-goings within Washington DC. The call is open to all and is held every Monday at 10:00 a.m. EST. You can register for the call here: https://bloomberg.zoom.us/webinar/register/WN__PqCkwY- S2m3hbQqvVC1_Q#/registration

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