Bullish executives call for passage of the CLARITY Act: The FTX incident has proven that the crypto market requires legal regulation.

Bullish Head of Clearing and Group Risk Randi Abernethy stated that the U.S. Senate’s failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean the digital asset market has stopped developing; instead, it highlights the necessity of establishing a federal regulatory framework. Abernethy pointed out that during the Senate’s deliberation of the CLARITY Act, traditional U.S. financial institutions have continued to accelerate their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), and more than 50 institutions—including BlackRock and Goldman Sachs—have also participated in building infrastructure for tokenized stocks and Treasuries. Current regulatory discussions are no longer just about the “crypto industry issue” but concern the future infrastructure of the entire financial system. Citing the 2008 financial crisis as an example, Abernethy noted that financial risks spread along shared infrastructure, meaning even institutions not directly involved in related assets could be impacted. Today, the stablecoin market has exceeded $100 billion, with a large amount of stablecoin reserves invested in U.S. Treasuries. A crisis involving major stablecoins could affect liquidity in traditional financial markets. She added that supporters of the CLARITY Act argue the bill would 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 disclosure rules. (CoinDesk)