Crypto Bill Reshapes Market Structure

Congress Introduces Digital Asset Market Clarity (CLARITY) Act

• The CLARITY Act aims to end SEC oversight of the crypto industry.
• Most crypto assets would be classified as “digital commodities” under CFTC jurisdiction.
• The bill seeks to amend U.S. securities laws to exclude most crypto assets from being defined as securities.
• Bipartisan support includes three Democratic cosponsors: Angie Craig, Ritchie Torres, and Don Davis.
• Popular cryptocurrencies like Ethereum and Dogecoin would be considered digital commodities.

The Digital Asset Market Clarity (CLARITY) Act proposes shifting regulatory oversight of most cryptocurrencies from the SEC to the CFTC, aiming to redefine them as digital commodities. The bill has bipartisan support and is set for a House Financial Services Committee hearing on June 10.