Market trend insight: With the US CLARITY Act approaching review, are measures such as DeFi friendliness, asset classification, and decentralization of the SEC and CFTC becoming a turning point for clarifying crypto regulation?

Market Trend Insight: The U.S. 'CLARITY Act' is Under Review, Is DeFi Friendly, Asset Classification, SEC and CFTC Power Sharing Becoming a Crypto Regulatory Clearinghouse? In recent years, with the rapid development of the crypto market, enterprises like FTX and Celsius have successively gone bankrupt, exposing numerous loopholes in the existing regulatory framework and highlighting the urgency of establishing clear, unified regulatory rules. The ambiguous division of digital asset regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has led to high compliance costs for enterprises and insufficient investor protection. Against this background, House Financial Services Committee Chairman French Hill proposed the 'CLARITY Act' (full title: Digital Asset Market Clarity Act, H.R. 3633) on May 29, 2025, aiming to balance innovation and risk by constructing a unified digital asset classification and regulatory framework, and provide standardized guidance for the digital asset market. Additionally, the U.S. House of Representatives announced that July 14-18, 2025, will be "Crypto Week", planning to review three crypto-related bills, with the 'CLARITY Act' expected to pass review during this period.

The core objective of the CLARITY Act is to bring legal certainty to the digital asset market through a clear regulatory framework. The bill first focuses on the classification of digital assets, dividing them into two major categories: "securities" and "commodities" to address the long-standing regulatory jurisdiction dispute between the SEC and CFTC. Digital assets classified as securities will be regulated by the SEC, covering Tokens linked to company equity or investment contracts, which must comply with registration and disclosure requirements under the Securities Act. Commodity-type digital assets, such as Bitcoin (BTC) and Ethereum (ETH), will be regulated by the CFTC under the Commodity Trading Act framework. This classification provides crypto companies with a clear compliance path and reduces legal risks arising from regulatory overlap.