The U.S. Senate’s failure to pass the Digital Asset Market Clarity Act (CLARITY Act) might look like a setback, but according to Randi Abernethy, Head of Group Risk at Bullish, the digital asset momentum is far from stopping. If anything, the vote underscores an urgent reality: federal regulation is no longer optional—it is necessary.
While lawmakers debate, traditional financial giants are moving full steam ahead into onchain infrastructure. JPMorgan Chase is actively testing tokenized ETF holdings, while over 50 powerhouse institutions—including BlackRock and Goldman Sachs—are quietly building the framework for tokenized stocks and Treasurys. This is no longer just a "crypto industry" conversation; it is a foundational upgrade to the global financial system.
Drawing parallels to the 2008 financial crisis, Abernethy warned of systemic risks. With the stablecoin market sitting well over $100 billion—heavily backed by U.S. Treasurys—a crisis in a major stablecoin could instantly trigger liquidity ripples across traditional markets. Supporters argue that the CLARITY Act is vital to establishing unified rules, ensuring customer asset segregation, and protecting the broader economic infrastructure.
