Bernstein says the likelihood of the U.S. 'Clarity Act' passing by 2026 is decreasing. If the bill fails to pass, the market may react negatively in the short term. However, the SEC and CFTC might instead accelerate the implementation of 'Project Crypto' to establish crypto regulatory rules, including clarifying token classifications, DeFi and self-custody rules, and advancing 'innovation exemptions' for token issuance. Bernstein predicts that even if legislation is stalled, regulators will continue to support RWA tokenization, related perpetual contracts, and prediction markets. (The Block) https://(wublock123.com)/news/clarity-act-blocked-sec-cftc-accelerate-crypto-rules-65798