The US crypto industry’s momentum won’t be derailed in the long term even if the much-anticipated CLARITY Act, aimed at bringing more regulatory clarity to the crypto industry, doesn’t make it through Congress, according to 250 Digital Asset Management CEO Chris Perkins. “If not, we’re going to be just fine,” Perkins said on Cointelegraph’s Chain Reaction podcast on Friday, emphasizing that the two major financial regulators are already building workable frameworks. Perkins pointed to ongoing efforts by US Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodities and Futures Trading Commission (CFTC) Chair Michael Selig, following the agencies’ joint interpretation released in March on how federal securities laws apply to crypto assets.

The landscape of crypto regulation has changed significantly in recent months, reflecting a shifting perception among regulators about how digital assets should be classified. Perkins noted that being labeled as a security was once considered a “death sentence” for crypto projects, as it often resulted in severe consequences including enforcement actions and delistings from major trading platforms. However, this perception has evolved, and Perkins believes that it is now becoming more advantageous for projects to fall under the security classification. “Now it is awesome to be a security,” he remarked, highlighting the progression towards a more stable regulatory environment.

During the Biden administration, particularly under former SEC chair Gary Gensler, the approach towards crypto tokens classified as securities was notably stringent. These tokens typically faced enforcement actions that stifled innovation and growth within the sector. Perkins emphasized that this created a challenging environment for crypto companies, which often found themselves navigating a complex web of regulations without clear pathways for compliance. The lack of clarity often led to uncertainty that hampered investment and development in the industry.

However, Perkins expressed optimism about the future, stating that the current efforts by regulators like SEC Chair Paul Atkins and CFTC Chair Michael Selig are paving the way for a more predictable and stable environment. “These guys are creating policy and precedent every single day, and they are giving us the one thing we’ve needed for a very long time, that certainty, that stability, and ultimately, a taxonomy,” he explained. This sentiment reflects a broader belief in the crypto community that regulatory clarity is not only possible but is actively being pursued by key figures in the government.

While Perkins stated that he is not worried about the industry’s long-term outlook if the CLARITY Act doesn’t pass, he acknowledged that the successful passage of the Act would enshrine regulatory clarity in a way that would be difficult for future administrations to reverse. “What you’ve done is you’ve essentially enshrined policy for a very long time, as hard as it is to pass a law, it is even harder to unwind a law,” Perkins explained. This highlights the importance of the legislative process in shaping the future of the crypto landscape in the United States.

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The CLARITY Act has been the subject of much discussion and has garnered significant attention from industry participants who are hopeful for its passage. Many see it as a pivotal moment for the crypto sector, providing a framework that could help resolve ongoing disputes between the banking and crypto industries, particularly regarding stablecoin yield provisions. Coinbase chief legal officer Faryar Shirzad articulated this sentiment, stating, “It’s time to get CLARITY done,” following the publication of new stablecoin yield provisions aimed at settling disputes.

US Senator Thom Tillis and US Senator Angela Alsobrooks have been instrumental in pushing the final text of the CLARITY Act, which aims to address these pressing issues. Their efforts have raised expectations within the industry that the Act could pass soon, especially as discussions around stablecoin regulations continue to gain traction. This momentum has led to increased optimism among stakeholders, with US Senator Bernie Moreno recently stating that he anticipates the CLARITY Act to “get done” by the end of May.

Moreover, the urgency surrounding the passage of the CLARITY Act has been echoed by other industry leaders, including US Senator Cynthia Lummis, who declared, “It’s now or never.” This sense of urgency illustrates the critical nature of the current legislative environment and the potential consequences for the crypto industry, should the Act fail to pass.

In this context, it is essential to recognize the broader implications of the regulatory landscape on the US crypto industry. The ongoing discussions and potential passage of the CLARITY Act signify a turning point in how digital assets are treated within the financial system. With increasing institutional interest in cryptocurrencies, the need for clear and consistent regulatory frameworks is more pressing than ever. Investors and companies alike are looking for assurances that the environment will be conducive to innovation and growth, and the actions taken by regulators and lawmakers will play a crucial role in shaping these expectations.

The crypto industry has shown remarkable resilience despite facing significant regulatory challenges, and this resilience is likely to continue. As Perkins noted, the existing frameworks being developed by the SEC and CFTC are already providing a foundation for future growth. Even without the CLARITY Act, the trajectory of the industry appears upward and robust, driven by the commitment of industry leaders and regulators to foster a supportive environment.