Canton CEO: Crypto Must Cement Adoption to Withstand US Policy Shifts
Yuval Rooz, co-founder and CEO of Digital Asset, stated at Token2049 in Singapore that the crypto industry should leverage the present regulatory environment to accelerate institutional blockchain adoption. He argued that widespread use of the technology would make it irreversible, even if the US administration changes in 2028. Rooz compared this to how Uber and Airbnb became so entrenched that legislation could no longer effectively restrict them.
Crypto Industry’s Resilience Amid US Policy Changes
Yuval Rooz emphasized that the crypto sector must make blockchain technology so widely adopted that changes in US policy after the 2028 presidential election do not reverse progress. The next US presidential vote is scheduled for November 7, 2028, which could bring a new administration with different regulatory priorities.
Rooz illustrated this point by referencing Uber and Airbnb, which became deeply ingrained in the market before lawmakers could implement effective restrictions. Consequently, it became nearly impossible to curb their growth afterward.
Legislative and Regulatory Landscape
In September, the CLARITY Act, a bill aimed at providing clear crypto asset regulations, failed to move forward in the US Senate. With this legislative setback, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have continued to regulate the crypto market under their existing authority.
Richard Teng, Binance’s co-CEO and fellow Token2049 panelist, expressed hope that the CLARITY Act will eventually become law, arguing that legislation could prevent regulatory backtracking and encourage institutional investors to participate. He described reversal of current progress as the industry’s 'biggest fear.'
Franklin Templeton’s Perspective
Jenny Johnson, CEO of Franklin Templeton, remarked that legislation would bring greater certainty to the sector but cautioned against relying fully on the passage of the CLARITY Act. She noted that the SEC and CFTC are already working to provide clearer regulatory frameworks, enabling ongoing innovation and institutional adoption.
Why it matters
This news is significant as it highlights the crypto industry’s strategic approach to navigating the uncertainty of US regulatory shifts, particularly with the 2028 presidential election on the horizon. Cementing widespread blockchain adoption is seen as a means to build a robust 'lock-in' against potential adverse legislative rollbacks. While legislative efforts like the CLARITY Act face challenges, regulators such as the SEC and CFTC are continuing enforcement under existing authority, creating a mixed regulatory environment for firms and investors. Insights from major players like Binance and Franklin Templeton illustrate the balance between hoping for formal legislation and adapting to regulatory realities. Together, these factors underscore that accelerating institutional adoption and achieving regulatory clarity are critical for sustainable industry growth.
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