Perspective: U.S. Crypto Industry Will Not Face Long-Term Impact Even If CLARITY Act Fails

On May 3, Chris Perkins, CEO of 250 Digital Asset Management, stated that even if the U.S. Congress ultimately does not pass the crypto market structure bill, the CLARITY Act, the long-term development of the U.S. crypto industry “will not be an issue.” Perkins noted that SEC Chairman Paul Atkins and CFTC Chairman Michael Selig are actively promoting the establishment of a regulatory framework for crypto, bringing much-needed “certainty, stability, and classification system” to the industry. He pointed out that during the tenure of former SEC Chairman Gary Gensler, being classified as a security was seen as a “death sentence” for crypto projects, but the market’s attitude towards security tokens has clearly shifted. However, Perkins also emphasized that if the CLARITY Act is formally legislated, it will make it more difficult for future governments to overturn the current regulatory framework, as “once the law is passed, it will be harder to repeal.” Recently, expectations for the passage of the CLARITY Act have been heating up. Coinbase Chief Legal Officer Faryar Shirzad stated, “It’s time to finalize the CLARITY legislation”; U.S. Senator Bernie Moreno predicted that the bill is likely to be completed by the end of May.