Bernstein Says the "Clarity Act" Faces a Critical Window for Passage

On January 12, a Bernstein analysis report pointed out that the window for passing the US crypto market structure bill is rapidly narrowing. Analyst Gautam Chhugani stated that although the core content of the Clarity Act remains controversial, the main obstacle is the banking industry's attempt to restrict crypto platforms from offering stablecoin balance yields. The banking sector believes that the scale of the stablecoin market could threaten traditional deposits, while the crypto industry argues that reopening discussions on yield issues undermines the legislative compromise of the GENIUS Act. Bernstein warns that if both sides cannot reach a compromise, the risk of the bill being delayed or failing will increase, emphasizing that the current period is a critical window.