The CLARITY Act is moving closer to reshaping U.S. crypto regulation.
Published：2026-07-28 17:03:57 HKT · Last edited：2026-07-29 16:29:34 HKT
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The CLARITY Act is moving closer to reshaping U.S. crypto regulation.
Last month, the bill passed the Senate Banking Committee with a 15-9 vote and was placed on the Senate legislative calendar on June 1, now awaiting a full Senate vote.
We view this as a pivotal moment for institutional participation in digital assets. Regulatory clarity is the single biggest enabler of mainstream capital allocation.
Key provisions we are tracking:
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Jurisdictional clarity – CFTC gains exclusive oversight for spot trading of mature decentralized digital commodities. SEC retains authority over securities-qualifying assets until the network passes the "mature blockchain test" (a 20% control threshold).
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Centralized venue obligations – Exchanges, brokers and dealers must register with the CFTC, with formal requirements for asset segregation, record-keeping and market surveillance.
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DeFi developer protections – Section 604 carves out non-custodial DeFi infrastructure and open-source developers from strict intermediary compliance rules, provided they do not control user funds.
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Asset classification framework – A three-part test distinguishes digital commodities, investment-contract assets and regulated stablecoins.
Our take: Long-term regulatory predictability is improving. In the short run, bipartisan negotiations and the 60-vote Senate threshold will continue to shape the bill's fate and capital flows.