The likelihood of the Clarity Act reaching the president's desk in the current congressional session is below 50%, according to Joshua Riezman, chief legal and strategy officer at crypto market maker GSR.这一评估是在 Consensus 迈阿密接受 The Block 采访时分享的，与更广泛的行业乐观情绪相比，这一评估显得更为谨慎。
"If I had to put a view on it, that it gets done in this session, I'm probably sub 50% right now personally, but that's not zero," Riezman stated. The legislation, having previously cleared the House, is now stalled in prolonged Senate deliberations, with the Banking Committee being the primary bottleneck. The central point of contention revolves around stablecoin yield—specifically whether rewards can accrue on stablecoins—a issue intensified by the GENIUS Act and rapid stablecoin market growth.
Riezman noted that bipartisan Senate staff have been negotiating daily to bridge divides, reaching a compromise that leaves neither side fully satisfied. “就像任何好的妥协一样，双方都不是百分百满意，”他说。 However, stablecoin yield isn't the only hurdle. Ethical questions regarding the president's family involvement in the crypto industry, and whether the bill should address them, present further complications. Over 100 amendments targeting stablecoins, ethics, and DeFi were filed ahead of a key Senate markup, and labor unions have voiced opposition.
This guarded outlook contrasts with more bullish public statements from industry figures like Coinbase's Chief Legal Officer Paul Grewal, who has predicted passage this summer. Riezman warned that failure to pass the act this session would significantly delay it, harming U.S. competitiveness and leaving consumers without crucial protections. “在这种情况下，真的没有人能获胜，”他强调说。
除了眼前的监管挑战之外，里兹曼表达了对代币化的长期看好。 With stablecoins valued around $300 billion, tokenized Treasuries at approximately $15 billion, and tokenized private credit near $3 billion, he projected massive growth.他预测稳定币市场可能达到 1-3 万亿美元，其中很大一部分主要股票将在几年内实现代币化。 "Tokenization-as-a-service will commoditize quickly," he added, "with the real value ultimately accruing to end investors through disintermediated stock-borrow economics."
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