According to CoinMeta, Bernstein indicates that the likelihood of the U.S. Clarity Act passing in 2026 is declining. If the bill is not passed, there may be a negative reaction in the market in the short term. However, SEC and CFTC could potentially accelerate the adoption of "Project Crypto" to establish crypto regulatory rules, including clarifying token classifications, DeFi and self-hosting rules, as well as advancing "innovation exemptions" for token issuance. Bernstein predicts that even if legislation is hindered, regulatory authorities will continue to support RWA tokenization, related perpetual contracts, and the forecasting market.