Foreign media report that as the U.S. Congress accelerates progress on the CLARITY Act, expectations within the crypto industry for the legislation are rising. However, Mike McGlone, Senior Commodities Strategist at Bloomberg, offers a more cautious assessment: the bill may not universally benefit all tokens and could instead accelerate market segmentation.
The benefit direction points to stablecoins.
McGlone stated that the bill is positive for stablecoins and the tokenization of real-world assets, but may not be favorable for a large number of cryptocurrencies lacking practical utility. According to him, there is a significant number of tokens on the market that "do not track any real value," and as the regulatory framework becomes clearer, such assets may become increasingly marginalized, with prices likely continuing to decline.
This means that, in his view, the CLARITY Act is not a policy that benefits all assets equally. Instead, the bill may further divide the industry into two categories: projects with payment, settlement, or asset mapping functions, and tokens that primarily rely on speculative trading to maintain momentum.
The White House is reportedly demanding accelerated progress.
The report notes that the bill is advancing faster than many market expectations. The White House is reportedly targeting July 4 as a goal for passage, and both parties in Congress are accelerating coordination around this timeline.
U.S. Representative Dusty Johnson said that if the Senate completes its work in the coming weeks, the House will quickly follow suit, indicating that digital asset legislation is shifting from prolonged discussion to a more definitive voting phase.
The stablecoin bill is seen as a crucial first step.
U.S. Senator Bill Hagerty recently told Fox Business that the GENIUS Act has created room for innovation in stablecoins, and the CLARITY Act aims to extend this regulatory approach to the broader digital assets market.
He also noted that the ongoing "Digital Dollar" framework would help maintain the U.S. dollar's status as the global reserve currency. If this direction is realized, the policy stance toward USD-backed stablecoins could strengthen further, potentially benefiting related products such as RLUSD.