A claim has emerged that the crypto industry’s long-term growth would not be harmed even if the CLARITY Act, designed to increase regulatory clarity for the U.S. crypto sector, fails to pass Congress.

Cointelegraph, a blockchain media outlet, reported on Saturday that Chris Perkins (크리스 퍼킨스), who is set to lead Franklin Templeton’s crypto investment division, assessed that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are already building a practical regulatory framework.

Perkins said in a podcast interview that the market can hold up regardless of whether the bill passes. He said, "The crypto industry will be fine even if the CLARITY Act does not pass," adding that the current heads of the two regulators are building a workable system. The officials he referred to were SEC Chair Paul Atkins and CFTC Chair Michael Selig.

The two agencies issued a joint interpretation in March on how federal securities laws apply to crypto assets. Perkins said such moves go beyond simply providing direction. He said, "They are making policy and precedent every day, and they are providing the certainty and stability the industry has needed for a long time, ultimately a classification framework."

Perkins drew attention in particular to a shift in the atmosphere around determining whether crypto tokens are securities. Under former SEC Chair Gary Gensler during the Biden administration, tokens classified as securities often faced enforcement actions and delistings by major platforms, and the path to compliance in the U.S. market was unclear. He said the atmosphere has now changed, adding, "In the past, being classified as a security was effectively a death sentence, but now it is actually good to be a security."

Perkins said that if the CLARITY Act is enacted, continuity in regulatory direction would become stronger. That is because it could reduce the possibility of policies being reversed with a change of administration. He said, "If you make regulation into law, policy gets locked in for a very long time," adding, "As difficult as it is to pass a law, it is even harder to undo a law that has already been made."

Expectations in the market for movement on the CLARITY Act have also risen again recently. After new wording for a stablecoin interest-income provision was released, the industry has raised its expectations for progress on the bill. Coinbase Chief Legal Officer Faryar Shirzad wrote on X, formerly Twitter, "Now is the time to finish the CLARITY Act." Senators Thom Tillis and Angela Alsobrooks released the final text that整理ed a stablecoin revenue provision that had been a point of contention between the banking sector and the crypto industry.

Comments on the timing of passage in Congress have also continued. Senator Bernie Moreno said recently that he expects the CLARITY Act to be handled by the end of May, and Senator Cynthia Lummis said in mid-April, "If not now, there is no opportunity."

As a result, the U.S. crypto industry is facing two currents at the same time. One is the SEC and CFTC moving first to build a regulatory foundation through policy interpretations and precedent, and the other is an effort to lock it in for the long term through congressional legislation. The core of the remarks is read as the view that the regulatory framework has already begun to move, regardless of whether the bill passes.