If the Clarity Act is rejected, crypto prices would crash, and it could kickstart the next bear market due to continued regulatory uncertainty.
"the mere rejection of a bill that's literally called the Clarity Act could signal to many that regulatory clarity for the crypto industry is off the table, regardless of whether that's actually true or not. On a more fundamental level though, the regulatory landscape for crypto in the US would remain uncertain and fragmented due to the ongoing disputes between the SEC and the CFTC about who gets to regulate what, so to speak. Whichever way you cut it though, the market hates uncertainty. In other words, this would almost be guaranteed to cause prices to crash. It could even become a key catalyst that kickstarts the next bare market."