PANews reported on January 28th that, according to CoinDesk, Bitwise warned that the market may be at a critical crossroads as the CLARITY Act stalls in Congress. Bitwise points out that the bill aims to solidify the current regulatory environment supporting crypto into permanent law. However, due to opposition from within the industry (such as the Coinbase CEO), its probability of passage has plummeted from 80% in early January to around 50%. If the bill ultimately fails, the industry will enter a difficult "performance-driven" phase. In this scenario, the crypto industry must become indispensable to the US economy within approximately three years through technologies such as stablecoins and asset tokenization, thereby forcing regulatory concessions. This is similar to the path taken by Uber and Airbnb. If successful, favorable regulations will follow; if unsuccessful, future shifts in Washington's political climate could have disastrous consequences.

Bitwise analyzed two market paths: if the feasible legislation passes, the market will rebound sharply due to the clear prospects; if the legislation fails, the market will enter a "wait-and-see" state, with price increases limited by regulatory concerns and linked to evidence of practical application, forming a "slow rise." Wall Street brokerage Benchmark also believes that the failure of legislation will delay rather than stifle the maturation of the crypto market, but will limit the potential of the US market. Investors will favor Bitcoin, entities with strong balance sheets, and cash flow infrastructure over regulatory-sensitive exchanges, DeFi, and altcoins.