[ND Analysis] CoinFund President Chris Perkins: "Crypto Industry Will Thrive Even if CLARITY Act Fails to Pass"

On May 3, 2026, Chris Perkins, Managing Partner and President of CoinFund, offered an optimistic outlook for the digital asset sector. He suggested the industry would be "just fine" even if the long-awaited CLARITY Act fails to cross the final legislative threshold. These remarks come at a critical juncture as the U.S. Senate prepares for a mid-May 2026 Banking Committee markup that could decide the fate of federal stablecoin oversight for the remainder of the year.

Perkins expressed the view that the crypto industry no longer depends entirely on the success or failure of a single piece of legislation. He believes the efforts of the current SEC and CFTC chairs are providing enough momentum to sustain the industry without the CLARITY Act. This is based on the analysis that administrative actions by regulators alone are forming the minimum guidelines the market needs.

The efforts of the SEC and CFTC chairs suggest that the crypto industry will not suffer even without the CLARITY Act.

The Digital Asset Market Clarity Act (H.R. 3633) has already passed the House. However, the situation in the Senate remains an uncertain "coin toss," with the Banking Committee markup scheduled for mid-May 2026 expected to be a decisive turning point. If this markup schedule slips past mid-May, the possibility of the bill being enacted within 2026 drops sharply due to the legislative calendar.

Significance of the May 1st Stablecoin Yield Agreement

On May 1, 2026, a significant compromise regarding stablecoin yields was reached. The issue of interest payments on stablecoins had been a major point of friction, but this breakthrough was designed to pave the way for a Senate vote. This progress is seen as removing one of the key obstacles to passing the bill, serving as an opportunity to regain legislative momentum.

• Strengthening the CFTC's oversight authority over digital commodities
• Maintaining SEC regulation over assets with security-like characteristics
• Creating a separate category for payment stablecoins

Faryar Shirzad, Chief Policy Officer at Coinbase, advocates for a so-called "three-bucket" approach. This framework aims to divide oversight authority, with the CFTC handling digital commodities and the SEC handling securities, while establishing a specific classification for payment stablecoins. This structural approach is intended to avoid regulatory overlap and provide clear guidance to market participants.

A shift in the SEC's leadership and strategy has also been detected in 2026. Chairman Atkins clarified a strategic framework called "A-C-T," which stands for "Advance, Clarify, and Transform." This is interpreted as an attempt to provide clarity to the market even in the absence of new laws, moving away from the past's indiscriminate investigation methods, and serves as evidence supporting Perkins' argument.

Gap with Europe's MiCA and Global Standards

In contrast to the fragmented state and federal regulations in the U.S., the European Union's (EU) Markets in Crypto-Assets (MiCA) regulation is set for full implementation in 2026. MiCA provides a global benchmark through a structured approach to Asset-Referenced Tokens (ART) and Electronic Money Tokens (EMT), but the U.S. continues to fall short while undergoing legislative conflict. The comparison metrics below clearly show the differences between the U.S. and European regulatory frameworks.

The stablecoin market currently stands at approximately $317 billion, and if regulatory uncertainty persists, there is a risk of massive capital flight to jurisdictions that comply with MiCA. On the other hand, if the CLARITY Act eventually passes, it is expected to provide a strong foundation for institutional growth. Perkins believes the industry can survive without the bill, but he does not rule out the possibility of explosive growth if legal clarity is secured.

• Outcome of the Senate Banking Committee markup scheduled for mid-May 2026
• Whether a floor vote will be attempted in June
• Schedule check on whether the five-stage legislative process can be completed within 2026
• Trends in global capital movement and shifts to MiCA-compliant jurisdictions due to the regulatory vacuum in the U.S.