Jefferies sees market structure bill as tokenization inflection point, despite rocky path ahead

Jefferies analysts suggest that maturing blockchain infrastructure and incremental regulatory progress are setting the stage for a significant new wave of tokenization by traditional finance (TradFi) institutions. However, broad adoption hinges on the establishment of clear U.S. market structure rules, specifically pointing to the draft Digital Asset Market Clarity Act (CLARITY Act) as the most detailed blueprint. While the Senate Banking Committee advanced its version, the path remains uncertain, with hurdles including reconciliation with a separate Senate Agriculture Committee bill and the need for a full Senate vote. The analysts argue that the bill would shift oversight from 'regulation through enforcement' to a technology-neutral framework, addressing asset classification and jurisdiction. A key impact would be unlocking regulated financial institutions, accelerating blockchain-based trading, lending, and custody, potentially benefiting compliant crypto-native firms and tokens tied to network activity. Conversely, Benchmark noted that legislative absence might constrain the U.S. market as capital flows toward less regulatory-sensitive assets.

(Source：CoinDesk)