Whereas acknowledging bipartisan assist exists for the laws, Rafique mentioned social gathering politics are more likely to outweigh the trade’s push for regulatory readability.
He dismissed Democratic issues over ethics provisions as inconsistent, arguing lawmakers ought to as an alternative undertake broader restrictions on public officers taking part in monetary markets.
Regardless of his skepticism, Rafique described the Readability Act as essential to the way forward for the U.S. digital asset trade. He mentioned clear federal guidelines would assist retain entrepreneurs, funding and mental property which might be more and more being constructed abroad.
“With out readability, entrepreneurs will proceed to remain offshore,” Rafique mentioned, pointing to corporations akin to Hyperliquid and Backpack, which selected jurisdictions outdoors the U.S. “There is just one Silicon Valley and one Wall Avenue. The U.S. ought to be creating the surroundings for these corporations to construct at house.”
OKX is without doubt one of the world’s largest cryptocurrency exchanges, providing spot, derivatives and Web3 providers. The corporate resumed its U.S. growth in 2025 after resolving a long-running case with the U.S. Division of Justice over unlicensed money-transmitting exercise.
Restricted upside if Readability passes
Rafique additionally argued that markets have already priced in a lot of the potential profit from the laws.
He mentioned bitcoin’s latest rebound was partly pushed by renewed optimism across the invoice, that means passage would doubtless generate solely a modest short-term rally of round 3%-4%.