Foreign media report that the discussion surrounding the U.S. CLARITY Act is shifting focus from “whether it will pass” to “what will happen after it passes.” Colin McCune, Head of Government Affairs at Andreessen Horowitz, believes the market is underestimating not the specific provisions of the bill, but the long-term policy signals that will be unleashed upon its enactment.
The stablecoin bill has become a reference.
McCune cited the U.S. legislation on stablecoins, the GENIUS Act, noting that once regulatory expectations became clearer, entrepreneurial initiatives, funding opportunities, and participation from traditional financial institutions in the stablecoin space all increased significantly. In his view, this demonstrates that when Washington signals a clearer policy direction, previously hesitant capital moves more quickly.
He believes that institutions have been slow to enter en masse not merely due to the absence of a specific regulation, but more critically due to a lack of sustainable policy certainty. If markets fear that the next administration, the next regulator, or a shift in enforcement priorities could overturn existing arrangements, large institutions will find it difficult to plan long-term strategies accordingly.
The market places greater importance on long-term commitment.
The article argues that once passed, the CLARITY Act would signify more than just establishing a framework—it would signal to the market that the United States has made a longer-term policy choice regarding digital asset regulation. For businesses, investors, and developers, such legislative signals are more likely to support multi-year investments than short-term regulatory statements.
McCune also stated that the passage of the bill is not the end, but the beginning of subsequent rulemaking. According to him, after the bill is enacted, regulatory agencies will still need to complete more specific implementing guidelines over the next two years—a phase that is equally critical.
- After the legislation is passed, regulators still need to establish detailed guidelines.
- The subsequent implementation period may last approximately two years.
- Corporate funding allocation pace may accelerate in line with regulatory developments.
The short-term focus is on the two-week window.
McCune believes that developers, institutions, and overseas capital that delayed their entry into the U.S. market due to legislative uncertainty may accelerate their planning once the bill is passed. He compares this process to a “starting gun,” suggesting that long-suppressed demand could be released all at once.
He also compared this expectation to the AI industry. The article states that as the business model for AI has become clearer, related stocks and venture capital funding have significantly heated up; if the regulatory framework for the cryptocurrency industry also becomes more defined, the digital assets sector could see similar growth in institutional and entrepreneurial activity.
Despite ongoing debates surrounding ethical provisions, developer protections, and anti-illicit finance language, McCune remains optimistic about the bill’s prospects. The article notes that the period before Congress’s August recess is a critical window for the legislation, and the White House has already scheduled meetings with senators, making the next two weeks a key period for observation.