It's overly optimistic. If the Clarity Act is passed, it will indeed improve regulatory certainty in the U.S. cryptocurrency market, reduce some gray area manipulation and compliance risks, and promote further institutionalization of crypto assets. However, it won't eliminate market volatility or prevent systemic pullbacks; at most, it will bring the crypto market closer to traditional financial markets.

Moreover, even if it is truly passed, it can only regulate exchanges that "reach U.S. user transactions." For exchanges that do not serve U.S. users, the Clarity Act will not have any impact, nor will they be subject to CFTC regulation. For exchanges that are already regulated, this is not particularly significant.

In fact, the most important aspect of the Clarity Act is that it distinguishes the regulatory jurisdiction between the SEC and the CFTC. Previously, the SEC could take a one-size-fits-all approach, believing that "everything is a security." After the Clarity Act is passed, that will no longer be the case, as there will be a clear distinction.

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