Bernstein claims that the passage of the Clarity Act faces a critical window period

On January 12th, Bernstein's analysis report pointed out that the window for the passage of the US Crypto Market Structure Act is rapidly narrowing. Analyst Gautam Chhugani stated that although the core content of the Clarity Act is controversial, the banking industry's attempt to restrict cryptocurrency platforms from providing stablecoin balance returns is the main obstacle. The banking industry believes that the size of the stablecoin market may threaten traditional deposits, while the cryptocurrency industry believes that revisiting the issue of returns would undermine the legislative compromise of the GENIUS Act. Bernstein warned that if both parties cannot compromise, the risk of delaying or failing the bill increases, and emphasized that the current period is a critical window.