CFTC Bisa Mengawasi Sebagian Besar Kripto AS di Bawah Undang-Undang Kejelasan

Undang-Undang Kejelasan Pasar Aset Digital bisa memberikan CFTC ekspansi kekuasaan regulasi terbesar dalam sejarah lembaga tersebut. Di bawah RUU tersebut, CFTC akan mendapatkan yurisdiksi eksklusif atas transaksi pasar spot untuk komoditas digital. Termasuk Bitcoin dan Ethereum, sambil menutup celah regulasi. Itu telah meninggalkan sebagian besar pasar kripto AS beroperasi tanpa pengawasan federal yang jelas.

Namun sebuah penyelidikan dari The New York Times telah menimbulkan pertanyaan yang tidak nyaman tentang apakah lembaga tersebut benar-benar siap untuk tanggung jawab itu. Berita tentang Undang-Undang Kejelasan hari ini membawa dua cerita yang berjalan secara bersamaan. Ini adalah kerangka regulasi penting yang sedang maju melalui Senat, dan sebuah kontroversi tentang regulator yang akan menegakkannya.

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.

Apa yang Akan Terjadi Selanjutnya

Undang-Undang Kejelasan masih harus melewati seluruh lantai Senat, di mana 60 suara diperlukan untuk mengatasi filibuster. Teks Komite Perbankan harus digabungkan dengan bagian terkait CFTC dari Komite Pertanian Senat sebelum pemungutan suara di lantai dapat dilakukan. Proses itu saat ini bersaing untuk waktu di lantai Senat melawan rekonsiliasi, FISA, dan legislasi perumahan. Dengan hanya tujuh minggu kerja sebelum libur Agustus.

Bagi siapa saja yang mengikuti berita regulasi kripto, dua hal yang patut diperhatikan secara bersamaan. Apakah RUU tersebut akan melewati lantai Senat tepat waktu, dan apakah kontroversi seputar independensi CFTC akan mempengaruhi cara Demokrat mendekati kalkulasi 60 suara mereka.