22.07.2025 14:50
The United States Senate Banking Committee unveiled a highly anticipated draft bill, the CLARITY Act, designed to restructure the nation's cryptocurrency market. This significant legislative move follows closely on the heels of the GENIUS Act's recent enactment. The comprehensive nature of the CLARITY Act aims to address numerous critical aspects of the digital asset landscape, including the complex issue of token classification.
Senator Tim Scott's committee spearheaded the creation of this bill, providing a much-needed framework for regulatory engagement with the cryptocurrency industry. A key provision clarifies the definition of digital assets, referring to them as "ancillary assets," and explicitly states that they are not securities, nor are secondary transactions involving them considered investment transactions. However, the legislation also outlines specific scenarios where digital asset transactions could indeed constitute investment contracts.
With digital assets largely categorized as commodities, the bill significantly expands the Commodity Futures Trading Commission's (CFTC) regulatory role, alongside that of the Securities and Exchange Commission (SEC). Importantly, the bill mandates that the SEC adapt existing regulations to the unique characteristics of the crypto market, while maintaining investor protection as a top priority. The CLARITY Act further addresses crucial areas such as banking regulations, transparency requirements for disclosures, the implications of self-custody, and the fight against money laundering – all key components previously outlined in the committee’s earlier principles document.
The release of this draft bill comes shortly after President Trump signed the GENIUS Act into law. This timing is significant, as Coinbase CEO Brian Armstrong revealed a September deadline set by the White House for Congress to pass the CLARITY Act, potentially making it the second major piece of crypto legislation, alongside a forthcoming stablecoin bill. Senator Cynthia Lummis, a vocal proponent of cryptocurrency and a member of the Banking Committee, hailed the CLARITY Act, asserting that it will lay the groundwork for establishing the United States as a global leader in the crypto space. The bill's impact on the future of cryptocurrency regulation in the U.S. remains to be seen, but its release marks a pivotal moment for the industry.
