The US CLARITY Act is increasingly in the spotlight in the latest developments in the crypto world, as it is expected to emerge as one of the most important bills in the history of US digital assets.
The law, which aims to provide regulatory clarity to the crypto industry, is currently at a critical stage and could be passed as early as May.
According to Galaxy Digital CEO Mike Novogratz, the bill is not just a small change in financial policy, but a major transformation that could open up access to the American economy to millions of people around the world.
He expects the approval process to move quickly after passing the committee stage, with a possible signing into law as early as June.
What makes the CLARITY Act so significant is its potential to bridge the global financial gap.
Of the world's estimated 8.5 billion population, an estimated 5 billion people still do not have access to modern financial products.
Novogratz explained that the future of finance may depend on just one mobile device.
With a crypto wallet on a smartphone, individuals in developing countries such as Bhutan, Botswana, Bolivia and Paraguay have the potential to participate in the US economy without physical borders.
This will make the financial system more inclusive and global.
The bill also opens up opportunities for the tokenization of the world's largest assets.
Giant companies such as SpaceX and Google have the potential to be 'tokenized', allowing ownership of their assets to be offered to investors around the world in digital form.
However, the CLARITY Act has not been entirely smooth sailing.
There is an ongoing debate between the traditional banking sector and the crypto industry, particularly regarding the issue of stablecoins, which are feared to disrupt the competitiveness of banks.
This tension has been one of the main factors in the delay in the approval process.
Politician Cynthia Lummis also warned that this may be the last chance to pass the bill in the near future, thus emphasizing how critical the current period is.
However, not everyone is confident that it will be approved in the near future.
There are analysts who assess the chances of approval this year as still uncertain, with some estimating only around a 50 percent probability for it to actually become law by 2026.
