The $2.7 trillion crypto market doesn't need the Clarity Act to survive. That's the argument from Franklin Templeton's Chris Perkins, who points to institutional adoption that's accelerated despite—or maybe because of—the lack of a federal framework. His remarks come as the Senate continues to stall on the bill that cleared the House in July with a 294–134 bipartisan vote.
The Senate holdup
Chairman Tim Scott identified three issues on April 14 that he called resolvable within two weeks: stablecoin yield language, DeFi provisions, and securing full Republican committee bloc. That deadline slipped. Then Senator Thom Tillis requested extra review time on stablecoin regulation and yield in late April, pushing markup into May. As of May 2, disputes were reportedly resolved, and markup is now expected by mid-May. But the path to enactment still involves five steps: committee markup and vote, a 60-vote Senate floor, reconciliation with the Agriculture Committee's Digital Commodity Intermediaries Act, a House-Senate conference, and finally a presidential signature.
Why Perkins says it's fine
Perkins' argument is blunt: US crypto policy ambiguity hasn't killed the market. Grayscale's court win, spot ETF approvals, and offshore liquidity have done what legislation hasn't. Institutional adoption is already here. BlackRock's IBIT and Fidelity's FBTC have billions in net ETF inflows. Stablecoins USDT and USDC combined for over $100 billion in daily trading volume, with a combined market cap above $320 billion. The timing of the Clarity Act may matter less than the industry's ability to work around the regulatory vacuum.
The timeline – and the warning
Ripple CEO Brad Garlinghouse shifted his passage prediction twice: 80% odds by end of April in February, then revised to end of May in April, citing 'peak frustration' as a sign of compromise. Polymarket pricing now puts 2026 enactment at 50-50 or lower. TD Cowen analyst Jaret Seiberg noted that passage may require a deal that dissatisfies both the crypto lobby and the banking sector equally. Senator Cynthia Lummis stated markup will happen in May and legislation will reach the finish line. But she warned: failure in 2026 likely means no market structure legislation until 2030 or later.
