The long-anticipated CLARITY Act may prove to be a game changer for digital asset markets, potentially ushering in a wave of institutional adoption, according to a note from Benchmark analyst Mark Palmer.

The CLARITY Act aims to establish a clear regulatory framework for digital assets in the U.S., distinguishing cryptocurrencies as either commodities or securities.

In a report published on Monday, Palmer said the legislation could provide long-sought regulatory clarity for traditional financial institutions, including asset managers, hedge funds, and banks, many of which have remained on the sidelines due to legal and compliance uncertainty.

While the current Securities and Exchange Commission (SEC), under the leadership of Chairman Paul Atkins, has a "constructive stance toward crypto, the absence of a codified regulatory framework means that the possibility still exists that a future, anti-crypto administration could quickly undo any pro-crypto rules the agency put in place," the analyst wrote.

That vulnerability has made long-term planning difficult for institutional players looking to build out digital asset offerings, the report said. The act, if passed, could eliminate much of that uncertainty, providing a stable foundation for broader industry participation.

Buy-rated Galaxy Digital and Coinbase are "exceptionally well positioned" to benefit from the increased institutional adoption of crypto that would likely happen once the act is passed, the report added.

Read more: Digital Assets Are One Step Closer to Regulatory Clarity

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