The US House of Representatives has passed the CLARITY Act, a significant piece of legislation establishing a regulatory framework for digital assets. The bill explicitly assigns oversight roles to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), aiming to resolve years of uncertainty plaguing the cryptocurrency market.
A core feature of the legislation is a tiered regulatory approach. Blockchain projects will have the opportunity to certify as ‘mature blockchains,’ a designation that can reduce regulatory requirements for networks achieving sufficient decentralization.
The CLARITY Act also creates new regulatory categories under the CFTC’s jurisdiction for digital asset exchanges and brokers. Entities operating in these roles will be subject to stringent compliance mandates, including rules concerning customer asset custody and anti-money laundering (AML) protocols.
Furthermore, the bill introduces a significant exemption for digital commodity issuers. Projects falling under a $75 million threshold benefit from a safe-harbor provision, designed to foster innovation while still ensuring regulatory compliance.
Attention now moves to the Senate, where the legislation will undergo review. Implementation is anticipated to commence next year, with the overarching goal of balancing market innovation with robust investor protection mechanisms.