Pass the framework, test the restrictions
For Korean policymakers, the U.S. Senate’s failure on Sept. 15 to advance the proposed CLARITY Act, which would establish a federal regulatory framework for digital assets and clarify the respective roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), deserves attention. The immediate setback was American, but the legislative risk is…
For Korean policymakers, the U.S. Senate’s failure to pass the CLARITY Act on September 15 holds particular significance. While the setback originated in America, the legislative challenge is a common one in Seoul. Despite years of industry demands, the bill fell three votes short of the 60 required to move forward. The House had already passed an earlier version, and senators spent months refining it.
With the midterm elections looming, the bill’s future remains uncertain, leaving firms reliant on potentially shifting interpretations from the SEC and CFTC. In Korea, the key takeaway is the importance of a comprehensive digital asset law for companies. A solid framework provides businesses with greater certainty for hiring, investment, and product development.
The core value of the CLARITY Act rested in its extensive scope, specifically in classifying tokens and defining the roles of the SEC and CFTC.
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