Bullish executive calls for CLARITY Act: FTX incident proves crypto market needs a legal regulatory framework

Odaily Planet Daily News Bullish Head of Clearing and Group Risk Randi Abernethy stated that the U.S. Senate's failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean the digital asset market has stopped developing; rather, it highlights the necessity of establishing a federal regulatory framework.

Abernethy noted that during the Senate's consideration of the CLARITY Act, traditional U.S. financial institutions continued to accelerate their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), and more than 50 institutions (including BlackRock and Goldman Sachs) have also participated in building infrastructure for tokenized stocks and Treasuries. The current regulatory discussion is no longer just a "crypto industry issue," but one that concerns the future infrastructure of the entire financial system.

Abernethy cited the 2008 financial crisis as an example, saying that financial risks spread along shared infrastructure, and even institutions not directly involved in related assets could be impacted. Today, the stablecoin market has exceeded $100 billion, with a large portion of stablecoin reserves invested in U.S. Treasuries. If a major stablecoin were to face a crisis, it could affect liquidity in traditional financial markets. She stated that supporters of the CLARITY Act believe the bill could establish a unified regulatory framework for the digital asset market, including core investor protection mechanisms such as customer asset segregation, conflict of interest management, capital requirements, and information disclosure. (CoinDesk)