Woofun AI reports that U.S. Representative Patrick McHenry has characterized the CLARITY Act as a pivotal piece of legislation comparable to the 1996 Telecommunications Act. McHenry asserts that current financial regulation remains trapped in a "crisis response mode" focused on past risks, whereas the CLARITY Act seeks to proactively establish a framework for future technological innovation. He emphasizes that clear regulatory boundaries are essential for entrepreneurs to innovate with confidence, noting that the bill enjoys broad bipartisan support and aims to protect consumers while combating illicit activity. McHenry warns that without such forward-looking rules, the U.S. risks ceding its leadership in technology and finance to international competitors actively advancing their own digital asset frameworks.