U.S. policy shift is imminent, and crypto companies are urged to lock down users

Yuval Rooz, Co-Founder and CEO of Digital Assets: Using the Current Regulatory Window to Accelerate Institutional Layout

Yuval Rooz, Co-Founder and CEO of Digital Asset, used the current U.S. regulatory environment as an argument to advocate that blockchain should be quickly established in the institutional field. He argued that widespread and day-to-day adoption would make it difficult for future governments to reverse this trend. At the Token2049 conference in Singapore, Rooz said that even if the focus of U.S. policy may change with the change of new government after the presidential election on November 7, 2028, the industry should push to reach a scale of use that "cannot go back."

Core Points

• Yuval Rooz urges the crypto industry to take advantage of the current regulatory environment to accelerate institutional adoption before political priorities change.
• Rooz defines adoption strategy as a strategic "rooted" action and cites the analogy of how platforms such as Uber and Airbnb have become difficult to undo.
• These remarks came after the U.S. Senate failed to advance the CLARITY Act in a procedural vote in September.
• Richard Teng, co-CEO of Binance, said he still wants the CLARITY Act to become law to reduce the risk of regulatory backsliding .
• Jenny Johnson, CEO of Franklin Templeton, emphasized that while the Legislative Council would help, given the work being done by the SEC and CFTC, companies should not assume that the CLARITY Act will inevitably pass.

"No turning back" depends on the scale of adoption before the political turn.

Rooz's core message is not so much about the near-term legislative timing as about achieving scale effects. He believes that if the use of blockchain becomes widespread enough, future policy reversals will face practical and political obstacles. His reference point is the American election cycle. Given that the next presidential election is scheduled for November 7, 2028, Rooz pointed out that regulatory priorities may change depending on the ruling government. Instead of waiting for new legislative clarity, he called for accelerated progress now-with the goal of creating entrenched usage habits that will be difficult to reverse later.

To support this argument, Rooz compared the trajectory of the crypto industry to the rise of Uber and Airbnb. He said the two companies were deeply embedded in the market before lawmakers could effectively restrict them, suggesting that early and widespread adoption could outperform efforts to tighten rules after the fact.

CLARITY Act was frustrated, focus turned to existing regulators

These comments were made after the CLARITY Act encountered procedural obstacles in the U.S. Senate. According to reports, the bill failed to advance in a Senate procedural vote in September. This failure is significant because the CLARITY Act has been seen as a potential legislative path to provide clear rules for digital assets.

与此同时，监管机构继续在现有权限下开展工作。此前有报道指出，美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）在没有等待综合立法框架的情况下，已经推进了与加密货币相关的监管工作，包括各机构讨论的建议和框架。

在此背景下，Rooz的言论反映了行业内部的一种更广泛的张力：机构参与者所需的确定性是主要来自于新的立法，还是来自于监管机构在现行法律下的不断演变的解释和执行。

币安与富兰克林邓普顿对立法的侧重分歧

在同一场Token2049小组讨论中，币安联合首席执行官Richard Teng表示他希望《CLARITY法案》最终能够颁布。Teng认为，立法有助于防止他所称的“监管倒退”，并将其描述为该行业“最大的恐惧”。他的观点表明，即使监管机构依据现有权力采取行动，未来政策方向的不确定性仍会对长期规划产生负面影响——尤其是对于那些考虑参与受监管市场的机构而言。

However, Franklin Templeton CEO Jenny Johnson takes a more cautious stance. She said legislation could provide greater certainty, but warned the industry that passage of the CLARITY Act should not be viewed as the only way to gain clarity. Johnson also pointed to ongoing efforts by the SEC and CFTC to provide regulatory guidance, describing it as a basis for innovation and continued institutional adoption.

Overall, the discussion highlighted differences in focus rather than outright differences. Teng highlighted the risk of policy reversals in the absence of legislative anchors, while Johnson signaled that agencies may need to use existing regulatory efforts to advance business rather than waiting for a bill to resolve the uncertainty.

Why "rooting" is not just a technical matter, but also an institutional matter

Rooz's Uber-Airbnb analogy is more than just a figure of speech. For institutional adoption, the real question is whether rules and market structures are stable enough to allow companies to build products, custody arrangements, compliance processes, and long-term strategies. If widespread blockchain use outpaces legislative action, adoption could create a more resilient ecosystem-but it could also increase the stakes of policymakers . Platforms are more difficult to regulate when they are widely used, but lawmakers may also respond to perceived risks with new restrictions. Rooz's argument is based on the idea that broad roots will limit the room for reversal.

目前尚不确定的是，在缺乏《CLARITY法案》的情况下，监管机构将如何平衡创新与监督。虽然SEC和CFTC继续使用其现有权力推进工作，但它们的行为在多大程度上能转化为跨代币、平台和市场的连贯、可预测的框架，很可能将决定机构扩大参与的步伐。

鉴于距离下一次美国大选还有数年之久，行业领袖似乎同时在权衡两个时间表：一是现有机构下的近期监管演变，二是如《CLARITY法案》等立法的长期政治路径。业界应关注SEC和CFTC的监管指导是否继续趋同，以及《CLARITY法案》是否重获动力——因为这些信号将塑造机构在2028年之后规划的信心程度。