The CLARITY Act has been delayed again. The genius bill essentially serves as the main storyline for the entire 25-26 bear market cycle.

Currently, the traditional banking industry and law enforcement believe that the current version of the CLARITY Act has massive anti-money laundering and national security loopholes,
while crypto supporters argue that the so-called anti-money laundering loopholes are merely a defensive campaign launched by traditional banks to prevent massive deposit outflows from commercial banks.
In my view, the CLARITY Act has strong backing from the current administration and key members of both parties in Congress, making a complete failure highly unlikely. Most industry insiders also basically believe the bill will eventually pass.
However, I also think that the provisions regarding self-custody wallets and cross-border privacy transfers will be significantly tightened as a compromise to the traditional banking industry.
Institutional DeFi must be clean enough—requiring identity verification and tracking of fund sources. DeFi protocols operating outside the compliance boundary may face severe liquidity sieges.
Additionally, once the amendments reach a political consensus, the market will quickly digest this negative news.
Since the bill explicitly grants legal immunity for decentralized governance (DAO governance does not constitute a single controlling entity) for the first time, public chains that already have exceptionally high on-chain throughput but were previously shut out by Wall Street due to securitization headwinds (especially Solana) will see a violent influx of compliant capital.