Part 5/9:
In addition to clarifying the roles of the SEC and CFTC, the Clarity Act addresses several contentious issues within the crypto space, including custody and the burgeoning field of decentralized finance (DeFi). It notably rejects previous SEC proposals that required custodial firms to keep customer assets on their balance sheets. Instead, the bill sets a regulatory standard for qualified digital asset custodians, an initiative to be governed by the CFTC.