According to analysts at Bernstein, the fate of the Clarity Act will not determine the future of crypto regulation in the United States, The Block reported, citing a client note published on Monday.
The Senate has about one week left before Congress begins its summer recess, leaving little time to consider the bill.
Bernstein analysts expect that even without a final decision on the Clarity Act, U.S. regulators will continue advancing initiatives related to tokenized real-world assets (RWA), perpetual futures on those assets, and prediction markets.
“The failure to pass the bill would trigger a negative reaction in the digital asset market. At the same time, regulatory work will not come to a halt,” the analysts emphasized.
According to Bernstein, under the Project Crypto initiative, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will be able to issue interpretive guidance, establish a unified token classification, and clarify the rules governing DeFi and self-custody of digital assets. They also believe regulators could accelerate the rollout of the so-called innovation exemption, which would temporarily allow newly issued tokens to avoid being classified as securities.
Analysts describe the Clarity Act as the most significant crypto market structure bill in U.S. history.
“Passing the bill with bipartisan support would provide the industry with long-term regulatory certainty and create a clearer framework for banks, broker-dealers, and crypto exchanges considering investing in the digital asset market,” Bernstein analysts said.