Odaily Planet Daily reports that Coin Center Executive Director Peter Van Valkenburgh stated that if the Crypto Market Structure Bill (CLARITY Act) fails to pass, an unfriendly U.S. government may again strengthen regulation over the crypto industry. If the provisions regarding developer protection in the CLARITY Act and the Blockchain Regulatory Certainty Act are vetoed, prioritizing short-term commercial interests and the current regulatory environment may put the industry in a difficult position.
Peter Van Valkenburgh stated that the purpose of passing the CLARITY Act is to legally bind future governments rather than relying on the current government's stance; without relevant legal protections, the crypto industry may be subject to enforcement discretion, policy changes, and uncertainty. According to his disclosure, the CLARITY Act has been stalled in the Senate due to banks, crypto firms, and lawmakers failing to reach an agreement on key terms (including whether to allow stablecoin yields). The bill covers topics such as a registration framework for crypto intermediaries, digital asset regulation, and token classification.
In addition, in the absence of legislative clarity, the future government's Ministry of Justice may strengthen enforcement against privacy tool developers, treating them as unregistered money transmission entities, while existing regulatory interpretive guidance may also be revoked. Previously, former SEC Chairman Gary Gensler faced criticism from the industry for pushing policy through enforcement actions and settlements with crypto firms, rather than through formal rule-making. Since he stepped down on January 20, 2025, the SEC has dismissed multiple long-standing enforcement cases against crypto firms and issued more lenient regulatory guidance.