The CLARITY Act requires crypto platforms choose to either register with the CFTC or the Securities and Exchange Commission (SEC). This will depend on the types of digital assets they offer: digital commodities, securities, or both.
What’s more, the platforms registered with the CFTC as digital commodity exchanges, brokers, or dealers must also comply with the Bank Secrecy Act.
This would require these platforms to comply with KYC requirements, monitor suspicious activities, and file regular Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs), thereby increasing record-keeping requirements for enforcing legal compliance.