It’s time for the CLARITY Act.

Every generation has the opportunity to upgrade its infrastructure.

In the 1990s, the Internet was that opportunity. Decision-makers worried it would upend existing industries and introduce new risks. But lawmakers didn’t shove this new technology into outdated regulatory frameworks—instead, they set rules that both protect consumers and allow innovation to thrive. The result was one of the greatest periods of economic growth in U.S. history.

Today, blockchain networks bring a similar opportunity. Stablecoins are making payments faster and cheaper; tokenization is modernizing capital markets. Both depend on blockchain infrastructure.

No matter whether Congress acts, these technologies will keep evolving. The question is: will standards be set by the United States, or will we cede this ground?

GENIUS proves that clear rules work

The GENIUS bill shows what thoughtful policymaking can achieve. Stablecoins are digital dollars that can move across the internet as easily as Bitcoin. Sending $200 from the U.S. to Colombia through traditional channels might cost more than $12 in fees—and you have to wait several days. With stablecoins, the same transfer costs only a few cents and settles within seconds.

For years, regulatory uncertainty has held back the widespread adoption of stablecoins. The GENIUS bill changes this—by establishing reserve requirements and a framework for issuers, it removes gray areas and unlocks growth potential.

The results are self-evident: the stablecoin market size is now around $315 billion, up more than 50% year over year, and dollar-backed tokens are becoming one of the fastest-growing channels for U.S. dollars to circulate overseas. According to Visa, stablecoins processed $1 million? in transaksi volume over the past twelve months. Major institutions including JPMorgan, Citigroup, Visa, Mastercard, and BlackRock are deeply integrating blockchain infrastructure.

More importantly, the dollar is winning. Millions of people worldwide who can’t conveniently open traditional dollar accounts can now hold and trade digital dollars through software wallets. Clear rules help anchor this new system to U.S. standards and institutions—not to competitors’ alternative solutions.

GENIUS proves that smart regulation expands the market instead of shrinking it. But it only addresses part of the problem.

Blockchain networks still lack rules

By market cap, stablecoins account for less than 15% of the crypto market, but the remaining 85%—the underlying blockchain networks they rely on—still operate without a coherent federal framework to this day. It’s like regulating smart phones while ignoring the cellular networks.

The CLARITY bill is meant to fix this.

At its core, it provides clear rules for blockchain networks and defines regulatory responsibilities for parties in digital asset markets. It creates incentives for transparency, risk management, and competition under a set of shared standards. By empowering regulators with principles proven in traditional finance—proper custody, segregation of customer assets, and robust information disclosure—to oversee intermediaries, it helps prevent the next FTX-style disaster. It also opens the door to the next wave of institutional-grade adoption.

Big institutions are already moving: BlackRock has launched a tokenized fund; JPMorgan is building blockchain-based payment systems; and the DTCC, with $11.4 trillion in assets under custody, is preparing to expand tokenized securities on the Canton Network. CLARITY removes barriers to entry and provides a clear, compliant path for traditional finance to participate. This benefits not only the crypto industry, but also consumers, investors, and the long-term competitiveness of U.S. capital markets.

Our choice ahead

History shows that open, neutral platforms governed by clear rules create the greatest value. The reason the Internet succeeded is that entrepreneurs understood what the rules were—they could build products, attract capital, and compete on merit, rather than based on guesses about regulation. Blockchain networks deserve the same opportunity.

“Regulation vs. innovation” is a false choice. GENIUS has already disproven it: in the second half of 2025—meaning after GENIUS was signed into law—more than $13 billion flowed into investments in crypto startups, nearly double the $6.9 billion in the first half of that year (before GENIUS was signed). At the same time, forecasts show that the tokenized assets market will grow 100 times in the coming years. The real choice lies between certainty and uncertainty: the U.S. can establish leadership and build the future at home, or it can watch that future get built elsewhere under frameworks set by others.

No law is perfect, and the CLARITY bill is no exception. The reality is that there is currently no consumer protection in the crypto space. CLARITY will create these protections. And like any bill, no one will get everything they want—but the version announced today will move the industry forward. It reflects months of bipartisan negotiations and major compromises from the industry. No matter what imperfections remain, the CLARITY bill is far better than continuing forward without safeguards.

The decision Congress makes this year will determine where the next era of financial infrastructure thrives—and who will write the rules. If the CLARITY bill passes, the U.S. will lead the way again, just as it did when it led the commercial Internet. If it doesn’t act, innovation will move elsewhere, running within frameworks set by others.