Washington Matters: Crypto and housing take a step forward

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Washington Matters: Crypto and housing take a step forward

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Washington Matters

Crypto and housing take a step forward

The focus in Washington 21 May 2026

Congress has made progress on a couple of key pieces of legislation. The CLARITY Act, Economics

which establishes a regulatory framework for digital assets, passed out of the Senate United States

Banking Committee and the 21st Century ROAD to Housing Act passed in the House on Global Economics

its way to the Senate. Both chambers are looking to pass a reconciliation bill to fund ICE Stephen Juneau

and CBP before heading to recess next week. US Economist BofAS

stephen.juneau@bofa.com

Economics: Iran-near-term resolution may prove elusive Jean-Michel Saliba

Talks are ongoing; however a near-term deal could be elusive, which would leave the EEMEA Econ Head/MENA Economist MLI (UK)

Strait of Hormuz closed for longer. Key catalysts to watch that will shape the timeline of jean-michel.saliba@bofa.com

a potential deal are energy relief policies, China dynamics, Israeli elections, and NATO Helen Qiao

involvement. Markets participants remain optimistic about a near-term resolution but ChinaMerrill&LynchAsia Economist(Hong Kong)

expect oil prices to remain elevated. A prolonged closure of the Strait of Hormuz raises helen.qiao@bofa.com

stagflation risks in the US economy. – JM Saliba, S Juneau Xiaoqing Pi

Greater China Economist

Economics: Redistricting changes favor Republicans Merrillxiaoqing.pi@bofa.comLynch (Hong Kong)

Recent redistricting developments are skewing the midterm map toward House Portfolio Strategy

Republicans, with a current net advantage of ~9 seats that could rise to ~14. While JuliaPortfolioSaravalle,StrategistCFA