La CFTC podría supervisar la mayor parte de las criptomonedas de EE. UU. bajo la Ley de Claridad

La Ley de Claridad del Mercado de Activos Digitales podría otorgar a la CFTC la expansión más significativa de autoridad regulatoria en la historia de la agencia. Bajo el proyecto de ley, la CFTC obtendría jurisdicción exclusiva sobre las transacciones del mercado spot de commodities digitales. Incluye Bitcoin y Ethereum, cerrando una brecha regulatoria. Eso ha dejado a grandes porciones del mercado de criptomonedas de EE. UU. operando sin una supervisión federal clara.

Pero una investigación del New York Times ha planteado preguntas incómodas sobre si la agencia está realmente preparada para esa responsabilidad. Las noticias sobre la Ley de Claridad hoy llevan dos historias que avanzan simultáneamente. Es un marco regulatorio histórico que avanza en el Senado, y una controversia sobre el regulador que se prepara para hacer cumplir la ley.

What the Clarity Act Actually Does

The Digital Asset Market Clarity Act draws a clear jurisdictional line. Digital commodities tokens on sufficiently decentralized networks that fall under CFTC authority for spot market activity. The SEC retains oversight of investment contracts and primary offerings. Stablecoins operate under a separate framework established by the GENIUS Act.

The practical scope of that CFTC expansion is substantial:

• New registration requirements for exchanges, brokers, and dealers in digital commodity spot markets
• Anti-fraud and anti-manipulation authority over digital commodity transactions
• Core principles framework governing exchange operations, customer protections, and financial integrity
• Joint rulemaking with the SEC within 360 days of enactment on overlapping jurisdictions
• Provisional registration pathway allowing existing platforms to operate while full compliance standards are established

Senator Cynthia Lummis put the stakes plainly. “The digital asset industry operating in America without a real rulebook isn’t a free market; it’s a liability. America needs the Clarity Act now to ensure America writes the rules.”

Senator Tim Scott added that countries like Dubai and Singapore have operated with clear crypto guidelines for years. For the world’s largest economy, that clarity could mean global crypto dominance.

The NYT Investigation – A Readiness Problem

Here is where the Clarity Act Polymarket controversy intersects with the regulatory expansion debate. A New York Times investigation reported that CFTC career officials were sidelined. After raising concerns about plans tied to Polymarket, Crypto.com, and Gemini Titan, all companies with business ties to the Trump family.

According to the report, then-acting CFTC Chair Caroline Pham and senior legal adviser Brigitte Weyls intervened to help the three companies secure approvals or avoid scrutiny. Both later joined MoonPay and Gemini Titan, respectively. Officials had flagged concerns that Crypto.com was not treating small bettors fairly, that Polymarket lacked adequate fraud protections. Meanwhile, Gemini Titan had not completed required reviews.

The enforcement record adds context. Under the Trump administration, the CFTC dropped at least five crypto investigations. They brought just two cases involving digital assets, both targeting individual operators. The Biden administration brought more than 80 such cases.

Weighing the Implications

For investors, CFTC jurisdiction over spot markets offers meaningful protections. It is mandatory registration, financial integrity requirements, and anti-manipulation oversight that currently does not exist for most crypto spot trading. That regulatory floor could unlock institutional capital that has been waiting for legal certainty before entering U.S. digital asset markets.

For developers, the bill’s provisional registration pathway reduces the immediate compliance burden while permanent standards are established. DeFi protocols face continued ambiguity, however, the bill’s application to decentralized trading protocols. That remains one of the most actively contested provisions as the Senate reconciliation process continues.

The readiness question is real. Handing the CFTC sweeping new authority over a multi-trillion-dollar market requires the agency to function with independence, adequate staffing, and institutional credibility. The NYT reporting creates legitimate questions about all three. Questions that will not disappear simply because the bill passes.

Qué Sigue Después

La Ley de Claridad aún necesita aprobarse en toda la Cámara del Senado, donde se requieren 60 votos para superar un obstruccionismo. El texto del Comité de Banca debe fusionarse con la parte relacionada con la CFTC del Comité de Agricultura del Senado antes de que pueda realizarse una votación en el pleno. Ese proceso ahora compite por tiempo en el Senado contra la reconciliación, FISA y legislación de vivienda. Con solo siete semanas laborales antes del receso de agosto.

Para quienes siguen las noticias sobre regulación de criptomonedas, hay dos cosas que vale la pena observar simultáneamente. Si el proyecto de ley pasa en el pleno del Senado a tiempo, y si la controversia sobre la independencia de la CFTC influye en cómo los demócratas abordan su cálculo de 60 votos.