New Regulatory Landscape for the Digital Asset Market: Analysis and Impact of the CLARITY Act

Overview of Legislation and Core Content

In 2025, the U.S. House of Representatives passed the "Digital Asset Market Clear Act" (CLARITY Act) with an overwhelming majority. The bill is currently under review in the Senate, and if passed, it will mark a historic step for the United States in the field of digital asset regulation.

The CLARITY Act aims to establish clear definitions and regulatory rules for digital assets, particularly delineating the regulatory scope of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Once the Act is passed, the CFTC will be responsible for regulating exchanges, brokerage activities, dealers, and projects that meet the "mature chain" standard, while the SEC will oversee securities-type assets and cryptocurrencies that possess investment contract characteristics.

The CLARITY Act and the GENIUS Act together build a comprehensive regulatory framework for digital assets. The former focuses on blockchain infrastructure and asset classification, while the latter emphasizes regulatory standards for stablecoins.

The main content includes:

1. Establish the definition of "digital goods"
2. Introduce a "mature blockchain system" recognition mechanism
3. Provide compliance exemption clauses for DeFi projects
4. Require information disclosure and restrict insider trading
5. Provide legal basis for traditional financial institutions to participate in digital asset business.

Impact on the Cryptocurrency Market

1. Improve regulatory transparency and enhance market confidence
2. The U.S. digital asset regulatory system is trending towards "de-SEC-ification"
3. Allow traditional exchanges to obtain digital asset exchange licenses

Impact on DeFi Projects

1. Clarify the exemption mechanism to protect protocol developers
2. Introduce self-custody to protect the property rights of DeFi users
3. The impact on representative DeFi projects varies and needs to be analyzed specifically.

Future Outlook

The CLARITY Act is expected to promote the establishment of a clearer and more tiered regulatory framework for digital assets in the United States within the coming months. This will provide blockchain developers, DeFi protocols, and trading platforms with a clear compliance path, reduce legal uncertainty, and attract institutional funds into the market.

The linkage between the CLARITY Act and the GENIUS Act lays a dual-pillar foundation for the regulatory framework of the US crypto market. Once the CLARITY Act is officially passed and signed into law, it will mark the entry of the US digital asset legislative system into a phase of comprehensive implementation, significantly enhancing the legitimacy and strategic position of digital assets within the mainstream financial system in the US.

Risk Warning

The information provided in this article is for reference only and does not constitute any investment advice. Cryptocurrency investments are highly speculative and carry significant risk of loss. Investors should carefully consider their personal circumstances before participating in digital asset trading or holding. Past performance does not guarantee future results, and the value of digital assets may fluctuate significantly.