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This bill strives to cast away years of regulatory ambiguity, establishing unified definitions, a comprehensive registration regime, and robust consumer protections for digital assets. It seeks to reinforce the United States' position as a leader in digital asset innovation while safeguarding the interests of entrepreneurs and investors alike.
Key Provisions and Objectives of the Clarity Act
The Act spans an impressive 236 pages, intended as a successor to last year's FIT 21 legislation. It is crafted to tackle various issues central to crypto regulation, particularly the ongoing disagreement between the SEC and CFTC regarding market oversight. At the heart of the bill is the decision to grant exclusive jurisdiction over digital commodity spot markets to the CFTC.