This legislation, known as the "CLARITY Act," aims to establish regulatory rules for the digital asset industry. The core of the bill is to end the ambiguous boundaries of authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), clarify their respective jurisdictions, and resolve long-standing industry uncertainty.

🔍 The core and key issues of the bill
The bill explicitly designates the CFTC as the primary regulator of digital commodities, while assets similar to securities remain under SEC oversight. However, its passage depends on resolving the following disputes:
· Stablecoin reward dispute: The compromise proposal bans rewards that pay interest-like returns on idle holdings but allows rewards based on payment activities. Banking conglomerates fear this could lead to deposit withdrawals from the banking system and strongly oppose it.
· Highly uncertain probability of passage: The bill requires at least 60 votes in the Senate, and political and ethical controversies could also pose obstacles to its passage. Prediction markets indicate a 47% chance it will become law by 2026.
📊 The far-reaching significance of the legislation
If ultimately passed, the bill will provide long-awaited legal certainty for the U.S. cryptocurrency industry. Once this key regulatory framework is implemented, it could effectively remove barriers to institutional capital entry and reinforce the trend of mainstream crypto asset ETF inflows.
All eyes are on the Senate Banking Committee's review on May 14, which serves as a critical indicator for the subsequent legislative process.
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