# I. Legislative Overview and Core Content

In 2025, the U.S. House of Representatives advanced the Digital Asset Market Clarity Act (referred to as the "CLARITY Act") with an overwhelming majority. The bill has now entered the Senate review stage, and if passed in the subsequent Senate vote, it will mark a historic step for the U.S. in the field of digital asset regulation.

The core content of the CLARITY Act is to provide clear definitions and regulatory rules for digital assets, particularly delineating the regulatory authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). If the bill is passed, the CFTC will be responsible for regulating exchanges, brokers, dealers, and projects that meet the "mature chain" standard. The SEC will oversee securities-type assets and cryptocurrencies with investment contract characteristics. The CLARITY Act, along with the GENIUS Act, constructs an upstream and downstream regulatory system for digital assets, with the former focusing on blockchain infrastructure and asset classification, while the latter specializes in stablecoin regulatory norms.

| Classification | Regulatory Agency | Core Definition | Key Regulatory Requirements | |----------------|-------------------|------------------|-----------------------------| | Commodity | CFTC | Decentralized, permissionless, native tokens without financial rights (e.g., BTC, ETH) | CFTC manages trading platforms, brokers, and dealers. Projects do not need to register but must meet the "mature chain" standard and report structural certification. | | Security | SEC | Tokens with investment contract nature or relying on the issuer for returns (e.g., tokens in the SAFT stage) | Issuers and platforms must comply with the Securities Act, register as brokers/trading platforms, disclose financial and fundraising information, and undergo SEC review. | | Payment Stablecoin | CFTC + SEC | Tokens pegged to fiat currency, with 1:1 reserves and used for payments (e.g., USDC, USDT) | Liquidity regulation is primarily handled by the CFTC, while the SEC is responsible for anti-fraud measures; additionally, must comply with the GENIUS Act's reserve, audit, and KYC/AML requirements. |

Core Content Includes:

1. Establishing the Definition of "Digital Commodity"
   Clearly classifies native crypto assets that have achieved decentralization and operate on open blockchains (e.g., BTC, ETH) as "digital commodities," falling under CFTC regulation, distinguishing them from securities under SEC jurisdiction.

2. Mature Blockchain System Recognition Mechanism
   The bill introduces the "Mature Blockchain" standard, allowing specific projects that meet technical and governance thresholds such as decentralization, governance decentralization, and open-source code to transition their tokens from "security" status to "commodity," thereby exempting them from the burdensome compliance requirements of securities law. Such projects in their initial issuance phase (e.g., SAFT, ICO, IPO) are subject to securities law, but once they complete their decentralization transformation, their tokens can be reclassified as digital commodities under CFTC regulation.

3. DeFi Project Compliance Exemption Clause
   DeFi protocols that do not involve asset custody and lack centralized intermediary structures are exempt from registration obligations, while front-end developers and node operators are not held responsible as financial intermediaries, reducing compliance burdens.

4. Information Disclosure and Insider Trading Restrictions
   Platforms operating digital commodity trading markets must register with the CFTC as "digital commodity exchanges," including over-the-counter brokers and market makers. These entities will adhere to strict federal regulatory requirements, such as minimum capital, risk management, trading records, regulatory reporting, and customer asset protection. If a company is involved in both securities and digital commodity businesses, it must register separately with the SEC and CFTC; although the compliance burden is heavier, the bill clearly delineates the regulatory boundaries for both.

5. Legalization of Traditional Institutions' Participation
   The bill provides legal grounds for banks, brokerages, and other traditional financial institutions to engage in crypto asset custody and trading, promoting broader access for traditional capital to the digital asset market.

## II. Impact on the Crypto Market

1. Increased Regulatory Transparency for Crypto Assets, Enhancing Market Confidence

The CLARITY Act provides a highly certain compliance pathway for the entire crypto industry, ending the long-standing chaotic situation of "enforcement replacing regulation." Both project parties and trading platforms can operate within a legal framework, increasing the transparency of core market infrastructure, helping to prevent fraud and abuse, and enhancing consumer trust. This, in turn, attracts more institutional funds into the market, improving market liquidity and activity. For institutions, it allows for further compliance to avoid risks similar to those faced in previous SEC lawsuits. For consumers, the bill mandates that crypto commodity issuers disclose relevant information and restrict insider trading, thereby protecting consumers' legitimate rights and reducing investment risks.

2. The U.S. Crypto Asset Regulatory System Moving Towards "De-SEC-ification"

For a long time, the SEC has implicitly regarded most cryptocurrencies as securities, leading to regulatory disputes for multiple projects such as XRP, SOL, ADA, and UNI. The CLARITY Act constructs a new regulatory framework for the vast majority of fully decentralized assets through structural allocation, allowing these assets to no longer follow the SEC's regulatory system.

3. Traditional Exchanges Can Obtain Digital Commodity Exchange Licenses

The CLARITY Act allows traditional securities exchanges to apply for "digital commodity exchange" licenses, meaning that in the future, platforms like Nasdaq and the New York Stock Exchange may simultaneously offer trading services for stocks and digital assets (e.g., Bitcoin, Ethereum), enabling investors to seamlessly allocate between traditional and crypto assets on the same platform. This not only lowers the user threshold but also provides a compliant and trustworthy entry point for mainstream traditional financial capital into the crypto market.

## III. Impact on DeFi Projects

1. Clear Exemption Mechanism, Protecting Protocol Developers

DeFi projects that do not engage in intermediary business do not require their developers and operators to register with the SEC or CFTC. Writing code, running nodes, or providing front-end interfaces are typically not recognized as financial service providers.

• No Custody ≠ Intermediary: If a protocol does not custody user assets and does not provide traditional financial services, its developers, node operators, and front-end maintainers are not considered financial intermediaries and do not need to bear registration or licensing obligations.

• Code and Operation Without Risk: Self-publishing smart contracts or wallet software does not constitute a securities issuance entity; their actions are similar to technology releases and are not covered by financial regulation.

2. Introducing Self-Custody Rights, Protecting DeFi Users' Property Rights

Section 105 and related provisions of the bill safeguard users' rights to manage digital assets independently, confirming that users can freely conduct peer-to-peer transactions through non-custodial wallets and legally enjoy control over their funds. This right provides legal protection for DeFi users, ensuring they do not face policy penalties for choosing self-custody.

• Legal Custody Freedom: Users can manage assets using hardware or software wallets without relying on banks or third parties (financial institutions).

• Autonomous Transaction Rights: Users can initiate on-chain transfers, participate in DeFi protocol governance, and engage in liquidity mining without needing to register with KYC intermediaries.

• Establishing the Concept of Sovereign Digital Rights in the U.S.: Incorporating "controlling private keys means controlling assets" into the legislative framework ensures that private chain activities are not deemed illegal or requiring permission.

3. Impact on Representative DeFi Projects:

For most DeFi projects, the operation of their protocols typically aligns with the CLARITY Act's definition of "non-intermediary" roles. Therefore, after the bill's passage, they are expected to gain clear registration and intermediary exemption qualifications, leading to significant compliance benefits in the short term. However, this does not mean that DeFi has achieved full compliance. It is noteworthy that many official tokens issued by platforms still face legal uncertainties regarding whether they constitute securities, which depends on whether they possess "investment contract" characteristics, such as whether investor returns rely on the actions of the project party. Thus, while the CLARITY Act provides regulatory clarity at the protocol level, it does not permanently resolve compliance issues at the token level. To reduce the risk of platform tokens being classified as securities, project parties must continue to promote transparency in governance structures, strengthen community-led governance mechanisms, and gradually decentralize control to enhance token compliance and build a more robust legal firewall.

| Project | Protocol Operation Entity | Compliance Direction | |-----------|---------------------------|----------------------| | Uniswap | Front-end interface + On-chain contract | Uniswap's front end does not custody assets, and the on-chain AMM model meets the "non-intermediary" condition, so no registration with the SEC or CFTC is required. | | Aave | Lending smart contract | The core lending contract does not custody assets, and the protocol level meets exemption conditions. | | Lido | Staking service | stETH is a derivative right; if not sufficiently decentralized, it may not be classified as a digital commodity, and its asset attributes need further clarification. | | Curve | AMM contract | Curve's on-chain pool operation model is driven by centralized algorithms without a custody role, and the protocol layer is expected to be exempt from regulation. | | Compound | Lending smart contract | The lending protocol is driven by smart contracts and does not involve asset custody. | | Stargate | Cross-chain bridge smart contract | As a bridge protocol and liquidity pool provider, the protocol does not custody user funds and does not have intermediary characteristics, making it likely to enjoy DeFi exemption clauses. |

## IV. Future Development

As of July 23, 2025, the CLARITY Act has successfully entered the U.S. Senate review stage, marking a key step in digital asset regulatory legislation. The main point of contention in the current legislative process is whether the Senate version can retain the key provisions regarding DeFi and token classification from the House-passed version. This decision will depend on the hearing procedures of the relevant Senate committees and subsequent amendments.

Overall, the CLARITY Act is expected to promote the establishment of a clearer, layered regulatory framework for crypto assets in the U.S. in the coming months: securities-type tokens will be regulated by the SEC, while commodity-type tokens will fall under CFTC jurisdiction. This framework will provide clear compliance pathways for blockchain developers, DeFi protocols, trading platforms, and others, helping to reduce legal uncertainties, stimulate compliance innovation, attract institutional funds, and further consolidate the U.S.'s leadership position in global digital asset policy-making.

Additionally, the linkage between the CLARITY Act and the GENIUS Act, which has been officially signed by President Trump, lays a dual-pillar foundation for the compliance system in the U.S. crypto market. The former focuses on asset classification and market structure, while the latter provides a safe harbor and registration exemption pathway for stablecoin issuance, together constructing a complete compliance loop of "first exemption, then transformation, and finally classification." Once the CLARITY Act is also formally passed and signed into law, it will signify the comprehensive implementation phase of the U.S. crypto asset legislative system, significantly enhancing the legitimacy and strategic position of crypto assets within the mainstream financial system in the U.S.

Risk Warning:

The information provided is for reference only and should not be considered as advice to buy, sell, or hold any financial assets. All information is provided in good faith. However, we make no express or implied representations or warranties regarding the accuracy, adequacy, effectiveness, reliability, availability, or completeness of such information.

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