[Today’s Signal] Will the U.S. End Crypto’s “Regulatory Gap”? CLARITY Act Heads for September Vote
U.S. crypto policy is moving beyond deregulation toward the design of a formal market structure. Senate Majority Leader John Thune filed a motion on August 8 to advance a key procedural vote on the CLARITY Act, with a vote expected after the Senate returns from its mid-September recess. Passage will
The CLARITY Act, which seeks to establish a formal market structure for cryptocurrencies in the U.S., is set to be voted on after the Senate's mid-September recess. The legislation aims to clarify the regulatory treatment of digital tokens as either securities or commodities, and determine the respective authorities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
With a vote requiring 60 votes for passage, the CLARITY Act would be a significant step in addressing the regulatory gap surrounding the U.S. crypto market. The bill would impose registration, disclosure, and consumer-protection obligations on exchanges, brokers, and custodians, while potentially allowing tokens on sufficiently decentralized networks to be classified as commodities.
The crypto industry's commitment of over $200 million to pro-crypto candidates and their political action committee's fundraising efforts demonstrate the industry's growing influence and the significance of this legislative shift.
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