Why the CLARITY Act Creates a Structural Winner (and a Structural Loser)

Why this report matters

More than $1 billion in annual revenue is at stake, a meaningful sum in an industry already operating on thin margins. This is no longer just a crypto policy debate; it directly affects publicly listed stocks held across institutional equity portfolios.

If the CLARITY Act becomes law in its current form, it is likely to produce a clear structural winner and a clear structural loser. With profitability under pressure and business models tightly constrained, the redistribution of earnings could be decisive. The U.S. banking lobby is unlikely to concede ground easily, and the eventual outcome may set the tone for returns well into 2026.

Markets have yet to fully price this divergence. For investors positioned correctly, the payoff could be substantial, precisely because the implications remain underappreciated today.

More than ‘just’ crypto is at stake with the CLARITY Act

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