#CLARITY法案关键投票在即 #Gate广场中秋团圆局

The Core of the Bill—The Regulatory Boundary Between the SEC and CFTC Will Finally Be Drawn

As a trader who has long followed crypto regulation, I think the most noteworthy aspect of the CLARITY Act is actually quite straightforward: it will finally draw a clear boundary between the SEC and CFTC.

Senate Republicans released the final 635-page text on September 14, adding 5 pages to the previous version. Republicans said it incorporated 126 substantive changes proposed by Democrats. The core logic is to clearly distinguish digital assets as either “securities” or “digital commodities”—the former under the SEC’s jurisdiction and the latter under the CFTC’s. The CFTC will gain exclusive regulatory authority over digital commodity spot markets, while the SEC will continue overseeing securities issuance and exchange activities.

For exchanges, broker-dealers, and DeFi platforms operating in the United States, this means they will finally have a unified federal framework to follow, rather than having each state set its own rules.

But what surprised me most was the comprehensive restructuring of the ethics provisions. The draft released in early September contained no ban on holdings, while the new text explicitly prohibits federally elected officials, judges, and their spouses from holding more than $15,000 in equity in companies that issue or launch tokens, requiring them to divest or place the holdings in a blind trust. Lummis called this “the strictest ethics restriction in U.S. history.”

However, the details remain controversial—children and dependents are not included, making the scope narrower than required under federal disclosure laws. Whether this loophole will become a reason for Democrats to continue opposing the bill remains worth watching.

From a trading perspective, if the bill passes, greater regulatory certainty could attract institutional capital, benefiting Coinbase and other trading, custody, and blockchain infrastructure providers. Personally, I will be watching the short-term volatility of COIN and HOOD closely.