Part 6/8:
A noteworthy aspect of the Clarity Act is its specific exemption for certain decentralized wallet providers and DeFi platforms from SEC oversight. It also clarifies that payment stable coins should not be classified as securities, directing regulatory authority based on existing oversight of the firms in question.
Should the bill pass, regulators would face an ambitious one-year timeline to draft and implement a set of comprehensive rules. This timeline has prompted skepticism given the complexities of financial regulation, particularly with lingering provisions from the Dodd-Frank Act still unresolved after more than a decade.