If the bill passes, who will be the biggest winners?

The clear and harsh answer: licensed stablecoin issuers and their ecosystem partners will be the primary beneficiaries. Circle, Paxos, and others will become "new currency institutions" with federal compliance status, directly connected to the Federal Reserve payment system and banking infrastructure, which is almost an irreversible first-mover advantage. Next are compliant DeFi protocols that can accommodate institutional-level liquidity, which will quickly widen the gap with gray-market ecosystems. Cryptocurrency exchanges will also gain clearer custody and listing guidelines. The losers are equally obvious: permissionless stablecoin projects, algorithmic stablecoin experiments, and DeFi frontends that refuse to move toward compliance. The CLARITY bill is essentially a catalyst for industry reshuffling, rewarding traditional institutions and their crypto partners who have long awaited regulatory signals. #CLARITY法案推進受阻