Congress Rolls Out New Crypto Market Structure Bill—What Does It Actually Do?
House lawmakers introduced the Digital Asset Market Clarity (CLARITY) Act, which aims to eliminate SEC oversight of most digital assets and establish a legal framework for their operation in the U.S. The bill redefines many crypto assets as digital commodities, shifting regulatory authority to the CFTC. It has bipartisan support, with three Democratic co-sponsors. The bill defines digital commodities as assets linked to blockchain systems used for value transfer, potentially encompassing most cryptocurrencies. It introduces a classification for "mature blockchain systems," requiring open-source, automated networks with limited ownership. However, the benefits of this classification are unclear, as most assets can still trade freely without it. The CLARITY Act will proceed to the House Financial Services Committee for markup on June 10.
