Will the Clarity Act Kick Off Crypto’s Biggest Bull Run Yet?

Summary

Joshua Riezman, Chief Legal & Strategy Officer at GSR, explains how the Clarity Act could provide regulatory certainty for crypto by classifying tokens into network tokens, ancillary assets, and security tokens. He discusses GSR's evolution into a crypto-native investment bank, the importance of legislation over agency-level guidance, and why tokenization is an inevitable trend that will move all assets onchain. The conversation highlights the catalysts for institutional adoption and ends with a bullish outlook on crypto as the foundation of a new financial system.

• GSR is building a full-service crypto investment bank with market making, OTC, advisory, and broker-dealer capabilities.
• The Clarity Act defines three token types (network, ancillary, security) to give projects and investors a compliance path.
• Agency efforts like Project Crypto are helpful but lack the permanent, preemptive force of federal legislation.
• Stablecoins have proven the onchain model, and tokenization will extend it to all traditional assets.
• The low float/high valuation problem in equity IPOs may be solved by tokenization enabling earlier public access.
• Riezman believes onchain finance will eventually dominate, making a long crypto stance inevitable for investors.