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If the bill fails, will crypto regulation really grind to a halt?

One easily overlooked fact is that even if the CLARITY Act fails to pass, the advancement of U.S. crypto regulation will not come to a standstill.

SEC Chairman Paul Atkins stated clearly on September 15 that regardless of whether the bill ultimately passes, the SEC will continue advancing its crypto asset regulatory agenda. The SEC's “Project Crypto” will focus on three pillars: establishing rules for crypto asset issuance; updating the transfer agent rules, which are nearly 40 years old, to incorporate blockchain ownership ledgers; and clarifying crypto asset custody requirements for investment advisers and regulated funds.

Zach Pandl, head of research at Grayscale, also pointed out that even if Congress fails to pass the CLARITY Act this year, U.S. crypto regulation can still advance in areas including stablecoins, token issuance, tokenized securities, and perpetual futures.

More importantly, Wall Street's crypto expansion has already entered a “self-driven” phase. According to analysis, regardless of whether the bill ultimately takes effect, traditional financial institutions' expansion into digital assets is already difficult to reverse, and the bill's absence is no longer an insurmountable obstacle. If the bill fails to pass, it could instead trigger a “head-start” effect, prompting U.S. companies to accelerate product launches and tokenization between 2027 and 2028.

This gives me an important trading insight: do not bet your entire crypto position on a single legislative event. Regardless of whether the bill passes, the broader trend of institutional entry will not reverse, and ETFs have already paved the way. My strategy is to keep my core position unchanged and use only derivatives to hedge short-term event risk.