Bob Diamond, the former Barclays chief executive, has singled out Circle and Hyperliquid as the infrastructure winners under the proposed CLARITY Act, according to a report published on Crypto Briefing. The bill, which aims to bring stablecoins under a federal regulatory framework, could give compliant platforms a clear edge — but it still faces an uncertain path through Congress.
Why Circle and Hyperliquid
Diamond's assessment ties directly to the CLARITY Act's design. The legislation would require stablecoin issuers to hold high-quality reserves and register with federal regulators. Circle, the company behind USDC, already operates under strict compliance standards in multiple jurisdictions. That puts it in a strong position to absorb market share if the bill becomes law.
Hyperliquid, a decentralized exchange and derivatives platform, benefits from a different angle. The CLARITY Act doesn't directly govern DeFi, but Diamond argues that clear stablecoin rules would reduce legal uncertainty for platforms that rely on regulated stablecoins. Hyperliquid's infrastructure — fast order books and on-chain settlement — could attract institutional liquidity once the regulatory fog lifts.
The legislative path ahead
None of this is guaranteed. The CLARITY Act has drawn bipartisan support in committee but also faces pushback from state regulators who worry about preemption. Diamond himself acknowledged the hurdles in the Crypto Briefing interview, though he didn't offer a timeline. The bill's sponsors have signaled they want a vote before the end of the year, but the calendar is tight and the election cycle adds noise.
For now, both Circle and Hyperliquid are operating as they always have. Circle continues to expand USDC's reach across blockchains; Hyperliquid recently rolled out new perpetual contracts. The real test comes if and when the CLARITY Act clears the floor.
What happens next
The next concrete milestone is a markup session in the House Financial Services Committee, expected later this month. If the bill advances, the Senate Banking Committee will take it up. Diamond's endorsement may carry weight with institutional investors watching the stablecoin space, but the final outcome depends on lawmakers — not former bankers.
