BlockBeats news, on August 7, Bullish’s Head of Liquidations and Group Risk, Randi Abernethy, stated that the U.S. Senate’s failure to pass the CLARITY Act does not mean the digital asset market will stop developing, but rather underscores the necessity of establishing a federal regulatory framework.
Abernethy noted that during the Senate's consideration of the CLARITY Act, traditional U.S. financial institutions continue to accelerate their entry into on-chain markets. JPMorgan Chase has conducted a production pilot through the Depository Trust & Clearing Corporation (DTCC) to explore tokenized ETF holdings, and more than 50 institutions—including BlackRock and Goldman Sachs—are involved in building tokenization infrastructure for equities and government bonds. Current regulatory discussions are no longer merely an "industry issue" for crypto, but rather a matter concerning the future infrastructure of the entire financial system.
Abernethy cited the 2008 financial crisis, noting that financial risks can spread through shared infrastructure, potentially impacting institutions even if they are not directly involved in the relevant assets. Today, the stablecoin market has surpassed $100 billion, with a significant portion of stablecoin reserves invested in U.S. Treasuries; a crisis involving a major stablecoin could affect liquidity in traditional financial markets. She noted that supporters of the CLARITY Act believe it would establish a unified regulatory framework for the digital asset market, including core investor protections such as client asset segregation, conflict of interest management, capital requirements, and disclosure obligations. (CoinDesk)