After the U.S. House of Representatives canceled its legislative schedule for the last two weeks of September, concerns within the crypto industry over the prospects of the Clarity Act have reignited. Foreign media cited Katherine Kirkpatrick Bos, Head of Legal at Chainlink, stating that this development has significantly hindered the bill’s progress and further delayed the regulatory clarity the industry has been anticipating.
House compresses its agenda
Kirkpatrick Bos said that the House's temporary reduction of its September legislative schedule directly narrowed the window for advancing the Clarity Act. She described the decision as "frustrating," as many market participants had been actively advocating for the bill to establish a more stable regulatory foundation for the industry through legislation.
In her view, the significance of such legislation lies not only in responding to current regulatory debates but also in solidifying the existing policy direction to reduce uncertainty caused by future adjustments.
Regulatory guidelines cannot replace the law.
She believes that regulatory guidance from the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission, while able to fill gaps in the short term, cannot replace formal legislation.
The reason is that regulatory rules and institutional guidelines are easier to change, while laws have greater stability. She noted that the industry has recently heard frequent calls to "prepare for the future," but only statutory laws passed by Congress can ensure long-term retention of such arrangements.
The concern lies in sustainability.
Kirkpatrick Bos also noted that she welcomes financial regulators moving more quickly to provide greater clarity and operational guidance for the current legislative gaps. However, she is more concerned about whether these guidelines will be sustained over the coming years.
She suggested that one key to making the current regulatory direction harder to reverse is to involve more traditional financial institutions in the discussion. She believes that as major institutions become more deeply engaged in the cryptocurrency market and policy dialogue, the legal clarity surrounding it will become harder to undo.
Based on current information, the adjustment to the House agenda has not altered the industry’s core demands regarding legislation. The central issue remains whether the U.S. crypto market will continue to rely on regulatory interpretations or swiftly establish a more stable regulatory foundation through congressional legislation.