Many people have high hopes for the Clarity Act, but it’s important to view it with a calm perspective. If this bill is truly enacted into law, it would indeed help improve regulatory transparency in the US crypto market, reduce manipulation in gray areas, and accelerate institutional capital inflow. That said, clear regulation does not equal market stability. Cyclical adjustments and systemic risks are still unavoidable. In plain terms, the biggest significance of the Clarity Act is to make the rules of the crypto market more aligned with traditional finance—more standardized, but also more susceptible to macroeconomic factors. Don’t expect it to eliminate volatility; that’s unrealistic.