Breaking the Regulatory Deadlock

Washington witnessed rare political consensus this Wednesday as Republican Congressman French Hill introduced the Digital Asset Market Clarity Act with three Democratic co-sponsors. The 2025 CLARITY Act proposes concrete solutions to the long-running SEC-CFTC jurisdictional dispute over crypto oversight, potentially ending years of regulatory ambiguity that has stifled industry growth.

Core Provisions at a Glance

The 37-page bill mandates 【three key reforms】: ——Developers must disclose project details including operational structure and ownership stakes—— ——Brokerages must segregate client assets and implement conflict-of-interest safeguards—— ——New registration pathways will legitimize digital asset services nationwide——

Notably, the legislation carves out distinct roles for financial watchdogs. The SEC maintains authority over securities-like tokens while the CFTC gains expanded jurisdiction over commodity-classified assets. This division addresses the industry's top complaint about overlapping oversight.

From Committee to Floor

Emerging from the House Financial Services Committee, the bill builds on lessons from the stalled FIT21 Act. Interestingly, hearings began just two months ago in the Digital Assets Subcommittee, signaling accelerated legislative momentum. Representative Ritchie Torres emphasized, "This delivers the regulatory certainty that's been missing since Satoshi's whitepaper."

Parallel Policy Push

Congress appears to be advancing crypto legislation on twin tracks. While the CLARITY Act addresses market structure, the Senate prepares to vote on the controversial GENIUS Act governing stablecoins. The latter faces political headwinds after Democrats withdrew support in May over concerns about President Trump's crypto affiliations.

Industry analysts note the bills collectively represent Washington's most serious attempt to regulate digital assets since Bitcoin's inception. With bipartisan backing and clear administrative mandates, the CLARITY Act in particular could become law before the 2024 election cycle intensifies.

Global Implications

The proposed framework may influence international standards as the US seeks to reclaim fintech leadership. Strict disclosure rules mirror EU's MiCA regulations, while the dual-agency approach offers a uniquely American solution to crypto oversight. Market participants await Senate reactions, with some predicting amendments to address DeFi protocols not fully covered in the current draft.