AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

Two days after the White House announced a deal on ethics language to unblock the CLARITY Act, the Senate is stalling again. Senate Democrats are pushing back on the specific ethics text, arguing it doesn't go far enough on Trump's crypto ventures. The White House says the Democrats got the concession they demanded and should take the win. Senators are drafting a counterproposal. The Fundamentalist read: regulatory clarity was priced by markets on the assumption that the deal was done. It wasn't done. It was announced. The bill is now in a public negotiation that could stretch past the August recess, which was the whole deadline the deal was supposed to beat. Polymarket odds on passage that jumped 32% to 43% earlier this week are now moving in reverse. Bitcoin held its ground while the rest of the tape sold off.