Bernstein: The current critical window for the passage of the Clarity Act, if a compromise cannot be reached quickly, will increase the risk of the bill being delayed or failing BlockBeats News: On January 12th, Wall Street firm Bernstein pointed out in its latest analysis report that the window for the US to pass the Crypto Market Structure Act is rapidly narrowing as lawmakers face deepening disagreements between the banking and cryptocurrency industries over stablecoin returns. Analyst Gautam Chhugani pointed out in a report to clients on Monday that although the core content of the Clarity Act, including the definition and differentiation of digital goods and securities, as well as the regulatory approach to decentralized finance, is controversial, these issues are unlikely to hinder its progress. Analysts believe that the core obstacle lies in banking representatives attempting to restrict cryptocurrency platforms from providing stablecoin balance returns. Although the GENIUS Act, which was signed into law by President Trump last year (primarily targeting stablecoins), prohibits stablecoin issuers from directly paying profits, it still allows cryptocurrency platforms and their affiliates to distribute profits to users (typically at an annualized rate of 2% to 4%). Analysts say that the banking industry sees these incentive measures as a threat to traditional deposits, as the stablecoin market could grow from its current size of over $275 billion to trillions of dollars and become a "systemically important" area. The encryption industry advocates that revisiting this issue will undermine the hard won legislative compromise of the GENIUS Act, which has anti competitive and anti free market properties. Analysts say that both sides view this issue as an insurmountable red line, and if a compromise cannot be reached soon, it will increase the risk of delaying or failing the bill. Bernstein added that political timing is crucial, and the bill needs to make progress no later than the second quarter of 2026 to avoid being disrupted by midterm election dynamics. The company stated that the Trump administration's pro crypto stance has brought advantages to the industry, but warned that if the revenue dispute continues, the momentum may still stagnate. Chhugani emphasized that the current period is a 'critical window'.