17.07.2025 20:10
The US House of Representatives overwhelmingly approved the CLARITY Act on Thursday, marking a significant step in regulating the cryptocurrency market. This landmark legislation, passing with a 294-133 vote, divides regulatory oversight of digital assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), a move that has generated considerable debate within the crypto industry. A notable bipartisan showing saw even 78 Democrats supporting the measure.
The bill's core function lies in establishing a clear definition of "digital commodities," placing them under the CFTC's jurisdiction. Conversely, cryptocurrencies classified as securities fall under the SEC's purview. This division of responsibilities aims to provide a more structured regulatory framework for the burgeoning cryptocurrency market. However, this framework isn't without its critics.
Opponents, including Representative Sydney Kamlager-Dove, argue the CLARITY Act lacks sufficient oversight, potentially leaving loopholes that could harm cryptocurrency users. Kamlager-Dove voiced concerns, stating that instead of clarity, the bill introduces further confusion through its legislative language. This sentiment underscores a prevailing concern among those who believe the bill fails to address critical issues adequately.
Furthermore, concerns have been raised regarding the bill's treatment of decentralization. The legislation defines sufficiently decentralized blockchains—transparent networks without central control—as commodities. This definition, while seemingly straightforward, has sparked industry debate concerning the practical implications for various blockchain projects and their regulatory classification.
While some applaud aspects of the CLARITY Act, many, including the DeFi Education Fund, maintain that the bill needs further refinement to fully address existing regulatory gaps. In a recent blog post, the DeFi Education Fund highlighted the absence of federal preemption for decentralized finance activities, allowing states to establish potentially conflicting regulations. They emphasize the need for a cohesive national framework, avoiding a fragmented regulatory landscape where 50 states could each enact their own laws. This underscores the need for further legislative work to ensure a truly unified and effective regulatory environment for the cryptocurrency sector.
