The broker said failure to pass the Clarity Act this year would likely send crypto lower, but expects U.S. regulators to accelerate rulemaking.

Bernstein expects SEC and CFTC rulemaking to accelerate under Project Crypto if the Clarity Act fails to pass this year.

Bernstein says the CLARITY Act's likely failure in the Senate could accelerate SEC and CFTC crypto rulemaking through Project Crypto, reshaping