The US Senate Banking Committee has officially released an expanded 309-page draft of the Digital Asset Market Clarity Act, commonly referred to as the Clarity Act. This updated version, which grew from a 278-page draft seen in January, marks a significant step forward in establishing a federal regulatory framework for digital assets. The bill arrives at a critical juncture as the industry seeks to move beyond "regulation by enforcement" and toward statutory certainty.
Jurisdictional Split: SEC vs. CFTC Authority
Investors and industry participants asking whether the new draft changes the core jurisdictional split can rest assured: the fundamental division of labor remains. The Securities and Exchange Commission (SEC) is slated to oversee most initial token sales, while the Commodity Futures Trading Commission (CFTC) will govern the spot markets and trading of tokens once they are deemed sufficiently decentralized or "mature."
What is the "Clarity" in the Act
The Clarity Act is designed to be the "ultimate rulebook" for the US digital asset market. It seeks to define three main categories:
- Digital ...
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