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Let's talk again about the "CLARITY Act"—will it pass smoothly?

The "CLARITY Act" is one of the most important cryptocurrency legislations in the United States right now, officially known as the Digital Asset Market Clarity Act of 2025. Essentially, it aims to draw a clear regulatory map for the entire crypto market—who regulates whom, what can be done, and finally making it clear.

Core Content

Main Goal: Establish a federal regulatory framework for the digital asset market, clarify the jurisdiction boundaries between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission), and end years of turf wars among regulatory agencies.

Key Points:

1. Clear division of labor between SEC and CFTC: Digital commodities (including Bitcoin and others) mainly fall under CFTC regulation, while the SEC retains jurisdiction over certain security-like digital assets; from now on, the two agencies will operate according to their designated roles without fighting.

2. Exchanges and custodial platforms must register: Digital asset exchanges, brokers, custodians, etc., are required to register with the relevant federal agencies and implement AML/KYC compliance, aligning with traditional financial frameworks.

3. Stablecoin yield controversy: This is the core conflict slowing down the bill’s progress. The banking industry strongly opposes platforms paying users stablecoin yields (considered equivalent to bank deposits), while the crypto industry insists on maintaining this feature. Recent developments show that the White House and senators have reached a compromise, allowing "activity-linked rewards" but not interest similar to bank deposits.

4. CFTC authorized to collect registration fees: To address the enforcement resource shortage of regulatory agencies.

Legislative Progress (as of now)

Timeline Event

May 29, 2025 Bill officially submitted to Congress (H.R.3633)

July 2025 House passes with bipartisan majority

End of 2025 Senate Banking Committee withdraws hearing due to Coinbase opposition, bill stalls

March 2026 White House and several senators reach a compromise, restart promotion

April 8, 2026 Treasury Secretary Bostick publicly urges Congress to pass quickly

Currently, the bill is stuck in the Senate stage, with the stablecoin yield clause being the last tough nut. The White House has expressed a very positive stance, recently stating that the agreement in the Senate is a "major milestone toward passing the Clarity Act."

Significance for the Crypto Market

Once enacted, the impact will be structural:

1. Significantly increased compliance certainty, reducing barriers for large institutions to enter

2. Legalization of crypto exchanges, no longer operating on the edge of regulation in the U.S.

3. DeFi platforms face registration pressure; decentralization is no longer an exemption from compliance

4. Opening channels for banks to participate, allowing traditional financial institutions to directly engage in digital asset businesses legally

Recently, U.S. Treasury Secretary Bostick urged Congress to pass the "CLARITY" Act to establish clear digital asset regulations; SEC Chair Gensler also said, "Ready to implement the Clarity Act once Congress acts."

Do you think the "CLARITY Act" will pass soon? Once it passes, will Bitcoin rise in the short term? The little财神 is not sure, so leave your comments to share your insights!