Crypto must cement adoption to withstand US policy shifts: Canton CEO

Canton CEO Yuval Rooz has emphasized the importance of widespread blockchain adoption to safeguard the industry against potential policy reversals under a future US administration. Speaking at Token2049 in Singapore, Rooz likened the adoption of blockchain technology to the success of Uber and Airbnb, which became entrenched before policymakers could effectively restrict them.

He argued that if blockchain becomes deeply integrated into society, any attempt to roll back its progress would be futile. Rooz cited the next US presidential election, set for November 7, 2028, as a potential turning point, when a new administration could decide to alter regulatory priorities. He used these upcoming elections as a yardstick to underscore the urgency of achieving sweeping adoption.

The comments came following the CLARITY Act's failure to advance in the Senate procedural vote in September. Despite this setback, the SEC and CFTC have pressed ahead with crypto regulations under their existing authority. Binance co-CEO Richard Teng echoed Rooz's concerns, expressing hope that the CLARITY Act would still be enacted, stating that legislation could prevent regulatory backtracking and encourage institutional investment.

Teng described the prospect of reversing current progress as "the biggest fear" for the industry. Franklin Templeton CEO Jenny Johnson echoed the sentiment, suggesting that while legislation would provide greater certainty, the industry should not solely depend on the CLARITY Act's passage. She noted that the SEC and CFTC were already working to create regulatory clarity, enabling innovation and institutional adoption to proceed.