Bullish Executives Call for CLARITY Act Passes: FTX Incident Proves Market Needs Legal Regulation

Comparing news, Randi Abernethy, head of Liquidation and Group Risk at Bullish, said that the US Senate's failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean that the digital asset market has stopped developing; on the contrary, it highlights the need to establish a federal regulatory framework.

Abernethy notes that while the CLARITY Act is being reviewed by the Senate, traditional US financial institutions are still accelerating their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through the Depository Trust & Clearing Corporation (DTCC) production pilot, and more than 50 institutions (including BlackRock and Goldman Sachs) are also participating in the construction of tokenized infrastructure for stocks and treasury bonds. Current regulatory discussions are no longer just about the crypto industry, but about the future infrastructure of the entire financial system.

Using the 2008 financial crisis as an example, Abernethy said that financial risk will spread along shared infrastructure, and even if some institutions are not directly involved in related assets, they may be impacted. Today, the stablecoin market has exceeded 100 billion US dollars. Large stablecoin reserves are invested in US treasury bonds. If a large-scale stablecoin crisis occurs, it may affect the liquidity of traditional financial markets. She said supporters of the CLARITY Act believe the bill can 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)