Author: White55, Mars Finance

I. Background of the Bill: The End of Regulatory Ambiguity

Over the past decade, the U.S. cryptocurrency industry has been mired in a quagmire of regulatory fragmentation and unclear responsibilities. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have long been in a jurisdictional tug-of-war, leaving project teams in a "trial and error" predicament. For instance, if a token is deemed an "unregistered security," the company could face exorbitant fines or even existential threats, while SEC Chairman Gary Gensler's stance that "all tokens are securities" has made the industry walk on eggshells. This uncertainty has forced companies like Coinbase and Ripple to spend vast sums on legal battles, even prompting protocols like Chainlink and Polygon to relocate their headquarters to regulatory-friendly regions such as Switzerland and Singapore.

On May 29, 2025, the "CLARITY Act" (full name: "Digital Asset Market Clarity Act"), proposed by French Hill, Chairman of the House Financial Services Committee, became a key to breaking the deadlock. The bill spans 236 pages and aims to establish a unified classification and regulatory framework for digital assets, integrating previous amendments like the "Blockchain Regulatory Certainty Act," and for the first time providing "safe harbor" provisions for DeFi developers.

Following a public call from Coinbase CEO Brian Armstrong, the bill is set to go to a full vote in the House next week, marking a historic step forward.

II. Core Content: Five Mechanisms Restructuring Regulatory Logic

The "CLARITY Act" attempts to balance the dual demands of regulatory certainty and technological innovation through five innovative mechanisms:

Asset Classification and Regulatory Responsibility Delineation

The bill clearly defines the distinction between "digital asset securities" and "digital commodities" for the first time:

• The SEC governs assets with investment characteristics (e.g., Initial Coin Offerings - ICOs);
• The CFTC regulates the spot market for commodity-like assets such as Bitcoin and Ethereum.
• The most groundbreaking aspect is the introduction of the concept of "mature blockchain systems": if a blockchain meets three criteria—decentralized governance (no single controller), open-source code, and automated operation—its tokens can be classified under commodity regulation, achieving a regulatory graduation path from "securities" to "commodities."

DeFi Developer Exemption Protection Mechanism

The bill explicitly exempts four types of non-intermediary roles from compliance obligations:

• Developers of underlying blockchain code;
• Node operators and oracle service providers;
• Front-end interface developers for DeFi protocols;
• Non-custodial wallet service providers.

This means that companies like Uniswap Labs, which only provide protocol interfaces, no longer need to worry about being classified as "unregistered exchanges."

Dual-Track Registration for Trading Platforms

Digital commodity exchanges must register with the CFTC and comply with requirements such as capital reserves, customer asset segregation, and anti-market manipulation; if the platform also deals with security tokens (e.g., tokenized stocks), it must additionally register with the SEC. While this design increases compliance costs, it provides clear operational guidelines for mainstream platforms like Coinbase and Kraken.

Entry Channel for Traditional Financial Institutions

The bill authorizes banks to become "qualified digital asset custodians," and the assets they hold will not count against their balance sheets—eliminating capital barriers for traditional institutions to enter the market. It also allows traditional exchanges like the New York Stock Exchange and Nasdaq to apply for "digital commodity exchange" licenses, promoting the trading of stocks and cryptocurrencies on the same platform.

Innovation Support Infrastructure

The bill requires the SEC and CFTC to establish a Financial Technology and Innovation Strategy Center and a CFTC Lab (LabCFTC) within 180 days of the bill's enactment, and to jointly conduct research in cutting-edge areas such as DeFi, NFTs, and blockchain payments, systematically supporting the evolution of Web3 technology.

III. Legislative Struggle: Bipartisan Tug-of-War and Conflicts of Interest

The process of advancing the bill has been fraught with undercurrents, with core disputes focusing on two points:

• SEC's Passive Resistance: On June 3, the SEC was criticized by Democratic lawmakers as providing "the worst assistance" during a technical briefing to Congress, as its representatives avoided key questions under the guise of "confidentiality," raising suspicions of deliberately obstructing legislation.
• Trump's Conflicts of Interest in Cryptocurrency: Democratic Congressman Gregory Meeks pointed out that World Liberty Financial, supported by Trump, and its issued meme coins were "disrupting the legislative process." Although the White House vetoed provisions to restrict politicians' cryptocurrency trading on June 15, both parties are still drafting alternative proposals.

IV. Potential Impact: Three Waves of Industry Restructuring

If the bill passes, the U.S. crypto ecosystem will undergo structural changes:

DeFi Innovation Explosion Period

The developer exemption provisions will unleash tremendous creativity. For example, DAO governance protocols can avoid being forced to shut down due to "unregistered securities" accusations; Layer 2 network developers will not have to worry about legal liabilities arising from third parties building front-end interfaces. This may attract organizations like the Ethereum Foundation (EF) to increase their R&D investments in the U.S.—the EF recently announced a reduction in operational expenses to 5%, focusing on the sustainable development of DeFi.

Acceleration of Institutionalization on Wall Street

Institutions like JPMorgan and Goldman Sachs are gearing up: JPMorgan has planned to accept Bitcoin ETFs as collateral for loans and intends to incorporate clients' crypto assets into credit assessment systems. After the bill's passage, traditional financial modules such as custody, market-making, and derivatives design are expected to be rapidly replicated in the crypto space, creating a trillion-dollar new market.

Global Regulatory Competition Intensifies

The UAE has invested $2 billion in Binance through its sovereign fund MGX and granted it a full operating license, creating a "crypto-friendly oasis"; South Korea's new president, Lee Jae-myung, has also promised to promote the legalization of spot ETFs and Korean won stablecoins. If the U.S. establishes clear rules through the "CLARITY Act," it could reverse the trend of talent and capital outflow and regain its dominance in blockchain innovation.

V. Challenges Remain: Unresolved Issues and Concerns

Despite the bright prospects, the bill still leaves key issues unresolved:

• Anti-Money Laundering Blind Spots: DeFi protocols lack centralized intermediaries, making traditional KYC/AML mechanisms difficult to apply;
• Regulatory Arbitrage Risks: Companies may disguise themselves as "decentralized" to evade SEC oversight;
• Traditional Institutions' Privileges: Wall Street firms already registered with the SEC (e.g., Charles Schwab) can seamlessly conduct digital commodity business, while crypto-native enterprises must navigate unfamiliar CFTC processes, creating unequal competition.

Conclusion: A Historic Balance Between Regulation and Innovation

The "CLARITY Act" marks a strategic shift for the U.S. from "regulatory strangulation" to "framework cultivation." As Coinbase CEO Armstrong stated, "The U.S. is ready to embrace cryptocurrency"—this is not only about technological compliance but also the ultimate recognition of blockchain as the next-generation financial infrastructure. If the bill is ultimately enacted, 2025 may become a watershed year in the history of global cryptocurrency: the "clarity" of regulation will ultimately forge the "freedom" of innovation.

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