Foreign media reports that Tom Lee, head of research at Fundstrat, recently interpreted the U.S. Clarity Act, stating that the core significance of this act lies not in short-term market movements, but in whether it can establish a unified federal regulatory framework for the crypto industry. According to him, this will directly impact the development prospects of Bitcoin, Ethereum, XRP, as well as stablecoins and on-chain real-world asset businesses in the United States.
Regulatory power may be centralized in the CFTC
Lee believes that current cryptocurrency regulation in the United States remains fragmented, with differing interpretations between states. If the CLARITY bill is passed, it could centralize primary regulatory responsibilities with the Commodity Futures Trading Commission (CFTC), replacing the parallel rule systems of each state with a unified federal standard.
He pointed out that this is particularly important for large financial institutions. Banks, asset management companies, and payment institutions are advancing stablecoin networks, tokenized assets, and on-chain settlement products. If the same business faces different requirements in New York State and Texas, it will be difficult for institutions to launch nationwide products, and compliance costs will increase significantly.
Traditional financial institutions have expressed their support.
Lee noted that it's not just crypto companies that support the legislation; traditional financial institutions like Charles Schwab and Franklin Templeton are also among the supporters. This means that the demand for a unified regulatory framework has expanded from crypto-native companies to the mainstream financial system.
In his view, the market's focus is no longer just on digital asset trading itself, but on whether stablecoins, tokenized funds, and on-chain government bonds can obtain a clearer institutional foundation in the United States. If regulatory approaches remain fragmented in the long term, large institutions will be more cautious in product design and nationwide rollout.
Lee called this the "1934 moment" for the crypto industry.
Lee likened the current phase to the "1934 moment" for the US securities market. He stated that the US established the Securities and Exchange Commission (SEC) to end the obstacles caused by inconsistent state-level rules. The crypto industry faces a similar situation today; the market needs a unified federal arbiter, not 50 different standards.
He further stated that a deeper change lies in the increasing software-based nature of currency and assets. Points, credit scores, and other digital benefits may operate in the form of currencies or transferable assets in the future. Under this trend, a persistently unclear regulatory framework could slow down the implementation of related innovations in the United States.
Progress is faster overseas, but the future of the bill remains uncertain.
Lee stated that Japan, Russia, and Europe are all advancing or refining similar rules, which he believes is a contributing factor to the recent recovery in the crypto market. In his assessment, major global economies are gradually adopting this asset class, and the US, if it fails to establish unified rules, may fall behind in the competition.
However, he is not entirely optimistic about the bill's passage. With the midterm elections approaching, the remaining legislative time in the current US Congress is limited. Lee believes that supporters have already made many concessions to win over the opposition, but some members of Congress still want to add more conditions, so the final outcome remains uncertain.
