U.S. Senate unveils CLARITY bill to regulate digital assets
The U.S. Senate Banking Committee has released a draft of the CLARITY Act, which, if passed, would grant the Commodity Futures Trading Commission (CFTC) a greater role in overseeing cryptocurrencies.
The bill classifies digital assets as commodities, bringing them more fully under the jurisdiction of the CFTC, which would coordinate with the Securities and Exchange Commission (SEC).
The bill also clarifies that digital assets—referred to as “ancillary assets”—are not securities and their resale does not constitute investment activity. However, it sets conditions under which such transactions could still be classified as investment contracts.
To support these changes, CLARITY would require the SEC to update its regulatory framework to enhance investor protections.
The proposal also addresses key topics, including banking access, transparency obligations, self-custody rights, and anti-money laundering protocols.
Lawmakers’ perspectives
Senator Cynthia Lummis, Chair of the Senate Banking Subcommittee on Digital Assets, stated that the market structure bill would bring regulatory clarity. According to Lummis, it strikes a thoughtful balance between regulatory transparency for innovators and protection for consumers.
“The bill draws a clear line between digital asset securities and commodities, modernizes our regulatory framework, and positions the U.S. as a global leader in digital asset innovation,” Lummis said.
Senator Tim Scott added: “I’m thankful to our colleagues in the House for crafting thoughtful, bipartisan legislation and look forward to building on their work here in the Senate. Working with President Trump, we can create a comprehensive, bipartisan regulatory foundation for digital assets.”
However, not all analysts support the bill
Mark Hays, Associate Director for Crypto and Fintech at Americans for Financial Reform, claimed the proposal could encourage regulatory arbitrage on platforms with weaker rules.
Amanda Fisher, Policy Director and COO at Better Markets and former SEC Chief of Staff, echoed these concerns. She described the bill as an attempt to legitimize existing crypto business models rather than enforce current securities laws.
She added that it would weaken oversight of insider trading, market manipulation, and surveillance practices in the crypto sector.
In the meantime, Senate banking leaders are inviting public and industry feedback on the proposal. According to Coinbase CEO Brian Armstrong, the Trump administration has asked for the bill to be passed by September.
As we wrote, GENIUS Act goes to House after Senate approval
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