美国加密货币政策持续推进，尽管《CLARITY法案》在国会陷入停滞

Bankers continue to pursue crypto transactions despite the market structure bill stalling in Congress

Although the CLARITY Act, the core legislation designed to regulate the U.S. crypto market, has stalled in Congress, bankers have not given up on cryptocurrency-related trading opportunities. The bill is seen as a key legal document clarifying federal agencies 'rules for the classification and regulation of digital assets, and its stagnation marks a setback in industry groups' efforts to speed up the legislative process this year.

However, the delay does not mean a complete halt to broader U.S. crypto policy efforts. According to relevant reports, regulators and lawmakers are still advancing other initiatives linked to digital asset supervision. This suggests that policymakers view the stagnation of the CLARITY Act as a temporary setback rather than a complete end.

According to CoinDesk, despite the suspension of the legislative process, the banking community has not withdrawn its trading activities in the crypto space. Financial institutions appear to continue doing digital asset business without the regulatory certainty that the bill is intended to provide. This behavior points to a broader shift in the way Wall Street views crypto risk.

Jurisdiction disputes and institutional obstacles

The CLARITY Act is positioned to resolve the long-standing jurisdictional issue of whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) should regulate various types of digital assets. The lack of clarity in this area has long been seen by industry participants as a barrier to deeper institutional participation.

The stagnation of the bill does not necessarily mean that its content is completely invalid. Legislation usually requires multiple rounds of negotiations before being passed, and bills involving cryptocurrencies have been slow to advance in Congress in recent years. Industry advocates may continue to lobby for revised versions or try to attach these provisions to other legislative vehicles.

At the same time, regulators retain existing enforcement and rulemaking tools. While Congress overcomes legislative gridlock, regulators can still exercise their functions by issuing guidance, taking enforcement action, or clarifying administrative positions. This dynamic explains why policy activity continues in the absence of final market structure laws.

Robust operations under existing frameworks

The continued interest of banks in crypto transactions described by CoinDesk demonstrates that institutions are willing to operate within existing frameworks. Some banks may rely on current guidelines, informal regulatory signals, or risk assessments made independently of pending legislation. This shows that companies believe that the current environment is stable enough to support their expansion of cryptography-related business lines.

Overall, this reflects a fragmented but still dynamic policy landscape. Legislative work faces delays, but administrative and market activities are still advancing in parallel. This split between legislative progress and operational progress has become a recurring pattern of U.S. encryption policy in recent years.

Market Impact

The stagnation of the CLARITY Act has created continued uncertainty for businesses waiting for a definitive legal framework. In the absence of approval, the issue of each agency's jurisdiction over various tokens and encryption products remains unresolved.

At the same time, continued bank transaction activity suggests that institutional demand for crypto exposure does not rely entirely on legislative certainty. If this trend continues, it could reduce pressure on lawmakers to move forward quickly with the bill because market activity is proceeding as usual. However, a long-term lack of clear rules could ultimately slow the commitment of larger institutions that require a stronger legal foundation.

The delay in the CLARITY Act highlights the gap between the legislative timetable and market behavior in the crypto industry. Although the fate of the bill is uncertain, policy work continues through other channels and institutional transactions have not been suspended.

FAQs

What is the CLARITY Act?

It is proposed U.S. legislation that aims to clarify how digital assets are classified and which federal agency regulates them.

Why is the CLARITY Act stalled?

The report did not elaborate on specific reasons, but the bill failed to advance through Congress as expected.

Despite stagnation, are banks still pursuing crypto transactions?

Yes, according to CoinDesk, bankers are continuing crypto-related trading activities even if the bill is not passed.

Does stagnation mean that U.S. encryption policy is no longer advancing?