"It's okay even if the bill doesn't pass"...Cryptocurrency market, long-term upward turning point imminent

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A forecast has emerged that the growth momentum of the U.S. virtual asset industry will be maintained long-term, regardless of whether the U.S. Cryptocurrency Market Structure Bill (CLARITY), which aims for regulatory clarity, passes Congress.

Cointelegraph reported on May 3 (local time) that Chris Perkins, CEO of 250 Digital Asset Management, expressed optimism about the future of the virtual asset industry in a podcast interview. CEO Perkins emphasized that even if the bill does not pass, the industry will face no problems because two major financial regulatory bodies have already established a viable framework. Perkins cited the joint interpretation of the application of federal securities law to virtual assets, announced in March by SEC Chairman Paul Atkins and CFTC Chairman Michael Selig, as the basis.

Perkins explained that regulatory authorities are creating policies and precedents daily, providing the certainty, stability, and asset classification system that the industry has long needed. Perkins recalled that under the former SEC Chairman Gary Gensler during the Joe Biden administration, being classified as a security was like a death sentence for virtual assets. At that time, tokens classified as securities faced strong enforcement actions and delisting from major platforms, with no clear path to compliance. However, he analyzed that being classified as a security has now transformed into a positive situation.

Perkins analyzed that while the passage of the bill is not a prerequisite for the industry's long-term outlook, if it is legislated, it will be much more difficult for future administrations to reverse regulatory clarity. This means that repealing a law is harder than passing it, thus having the effect of solidifying policy for the long term. Perkins emphasized the administrative determination required to get something done in Congress, stressing the importance of regulatory policy being codified into law.

Expectations for the bill's passage have risen in the industry since new provisions related to stablecoin revenue were unveiled last Friday. Faryar Shirzad, Chief Legal Officer at Coinbase, stated that it is now time to finalize the bill after U.S. Senators Thom Tillis and Angela Alsobrooks released the final text to resolve the stablecoin revenue dispute between banks and the virtual asset industry. U.S. Senator Bernie Moreno anticipated the bill would be processed by the end of May, and Senator Cynthia Lummis also expressed urgency, saying it's now or never.

The virtual asset industry has entered a phase of resolving uncertainty, with proactive framework establishment by regulatory agencies and legislative efforts by Congress converging. Regardless of the bill's final enactment, the already established regulatory order and market stability are expected to form the foundation for the continued growth of the virtual asset ecosystem within the United States.

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