Decade-Long Tug-of-War Concludes: "Crypto Market Structure Bill" Races Toward Senate

marsbitОпубликовано 2025-12-12Обновлено 2025-12-12

Введение

After a decade of regulatory uncertainty, the U.S. is advancing the "Cryptocurrency Market Structure Act" (CLARITY Act), which is expected to move into the Senate for revision and voting next week. The bill, which passed the House with overwhelming support in July, aims to end the long-standing debate over whether digital assets are securities or commodities by introducing a clear classification framework. The core of the legislation distinguishes between "digital commodities" and "digital securities." Most tokens issued on decentralized blockchains will be classified as digital commodities under CFTC jurisdiction, while only those meeting the Howey test will remain regulated as securities by the SEC. The bill also establishes a "mature blockchain" exemption, allowing highly decentralized networks like Bitcoin and Ethereum to avoid SEC registration. Additionally, digital commodity trading platforms must register with the CFTC, with a 360-day interim registration period to ensure a smooth transition. The act mandates coordination between the CFTC and SEC through a joint advisory committee to prevent regulatory gaps. It also protects decentralized finance (DeFi) participants by exempting non-custodial, non-profit roles from broker-dealer regulations. This legislative push aligns with broader regulatory shifts under the Trump administration, which has appointed crypto-friendly leaders to key agencies like the SEC, CFTC, and FDIC. These changes, along with recent CFTC initi...

On December 10th, US Senators Gillibrand and Lummis announced at the Blockchain Association Policy Summit that the draft of the "Cryptocurrency Market Structure Act" (CLARITY Act) is expected to be released this weekend and enter the revision and hearing vote stage next week. This means this long-brewing legislative project has officially entered its decisive window.

The bill was first introduced in the US House of Representatives on May 29, 2025, co-sponsored by House Financial Services Committee Chairman Patrick McHenry and Digital Assets and Innovation Subcommittee Chairman French Hill. It passed the House vote by an overwhelming majority (294 votes in favor) on July 17 and is currently awaiting final review by the Senate.

Core Design of the Bill: Classification Over a One-Size-Fits-All Approach

The core of the "Cryptocurrency Market Structure Act" lies in its attempt to end the decade-long tug-of-war between US regulators and the industry over whether digital assets are "securities or commodities." For the first time, it draws a clear boundary for digital assets through legislation, avoiding a "one-size-fits-all" regulatory model in favor of a classified regulatory framework. Specifically:

Legal Distinction Between "Digital Commodities" and "Digital Securities"

The bill explicitly defines the vast majority of tokens natively issued on decentralized blockchains as "digital commodities," transferring their regulatory authority to the Commodity Futures Trading Commission (CFTC). Only those tokens that meet the Howey Test and possess typical "investment contract" characteristics will continue to be regulated by the SEC under securities laws.

"Mature Blockchain" Exemption Path

To prevent all tokens from being forcibly classified as securities, the bill establishes a "mature blockchain system" standard: a blockchain must simultaneously satisfy conditions of "high decentralization" (no single entity controls more than 20% of the token supply or validation power) and derive its value primarily from the network's actual usage to be exempt from SEC securities registration requirements. This provides a clear path for mainstream assets like Bitcoin and Ethereum, ensuring regulation does not stifle technological progress.

Comprehensive Shift of Secondary Markets to CFTC Oversight

The bill requires all platforms engaged in spot or derivative trading of digital commodities to register with the CFTC as a "Digital Commodity Exchange" (DCE), digital commodity broker, or dealer. Acknowledging industry realities, the bill also includes a 360-day "provisional registration" channel, ensuring existing compliant platforms are not forced to shut down due to technical violations during the transition period, thereby enabling a smooth transition.

Limited Fundraising Exemptions

Even for initial token offerings on mature blockchains that are still deemed "investment contracts," issuers can apply for an exemption from the registration requirements of the 1933 Securities Act, provided the total annual fundraising does not exceed $75 million and stricter information disclosure obligations are fulfilled. This design attempts to strike a balance between encouraging innovation and protecting investors.

Division of Labor Between CFTC and SEC: From Confrontation to Collaboration

The prolonged jurisdictional tug-of-war between the SEC and CFTC over digital assets has long been described as the "Achilles' heel" of the crypto industry. Regulatory uncertainty has even been considered a significant hidden cost suppressing innovation vitality within the US. If the "Cryptocurrency Market Structure Act" comes into effect, it will definitively end this situation through legislation, establishing a clear division of responsibilities: the CFTC becomes the core regulator of the secondary market for digital commodities, while the SEC focuses on token offerings and private placement behaviors in the primary market that still possess securities attributes.

To ensure coordination between the two agencies in overlapping areas, the bill mandates the establishment of a permanent "Joint Advisory Committee". Either agency must formally respond to non-binding recommendations put forward by the committee when formulating rules that could affect the other's jurisdictional scope. This mechanism aims to prevent future regulatory gaps or overlapping regulations.

Simultaneously, the bill provides clear protection for the decentralized finance (DeFi) ecosystem: protocol front-end developers, node validators, miners, and other non-custodial, non-profit roles will be explicitly excluded from the definitions of "broker" or "dealer," significantly reducing the compliance burden at the protocol level and preserving reasonable space for technological innovation.

Supporting Actions Progressing Simultaneously: CFTC is "Implementing First"

As the Senate review of the "Cryptocurrency Market Structure Act" enters a critical stage, on December 5th, acting Chairman of the US Commodity Futures Trading Commission (CFTC), Caroline D. Pham, announced that spot cryptocurrency products will, for the first time, be permitted to trade on CFTC-regulated, regulated futures trading platforms.

Pham stated that this move is part of the Trump administration's plan to make the US the "cryptocurrency capital of the world," aiming to address the lack of safeguards on offshore trading platforms by providing a regulated domestic market.

Furthermore, as part of the "Crypto Sprint" plan, the CFTC will also promote the use of tokenized collateral (including stablecoins) in derivatives markets and revise rules to support the application of blockchain technology in infrastructure such as clearing and settlement. This will strengthen the CFTC's leadership role in the digital asset space, highly aligning with the spirit of the bill.

Trump's Nominations Accelerate: Crypto-Friendly Leadership in Place

Since Trump's second term, the personnel layout of major US financial regulatory agencies has continued to tilt towards supporting digital assets, a shift that has become a key catalyst for the accelerated development of the crypto industry.

US Securities and Exchange Commission (SEC) Chairman Paul Atkins stated in an interview with CNBC that the US "resistance" to cryptocurrency has lasted "too long." Paul Atkins was appointed by Trump and took office in 2025. He views the "Cryptocurrency Market Structure Act" as part of "Project Crypto," an initiative aimed at bringing order and fairness to digital asset classification through legislation and rules.

Simultaneously, on October 25, 2025, Trump nominated Brian Quintenz to serve as CFTC Chairman and Commissioner. A former crypto lawyer, Quintenz represented numerous crypto companies (such as venture capital funds and blockchain projects) at the law firm Willkie Farr & Gallagher and has served as Chief Legal Counsel for the SEC's Crypto Task Force since March 2025, reporting directly to Atkins.

Trump also nominated Travis Hill to serve as Chairman of the Federal Deposit Insurance Corporation (FDIC); he had been serving as acting chairman since 2025. Hill is also crypto-friendly, having publicly supported banks' involvement in crypto custody and stablecoin issuance, believing it can enhance financial inclusion. The FDIC regulates the interface between banks and crypto (e.g., stablecoin issuers), and his appointment may facilitate banks' entry into the crypto space.

After the government resumed operations, the SEC has successively introduced institutional optimization plans to accelerate the ETF approval pace, sending a very clear overall signal: regulatory logic is transitioning from defensive management to structural acceptance.

Conclusion: The US is Completing the "Crypto Rule of Law Puzzle"

More importantly, the progress of the "Cryptocurrency Market Structure Act" may consolidate the effectiveness of the "U.S. Stablecoin Innovation Act" signed by Trump earlier this year, which already provided a safety framework for stablecoin issuance. This bill further completes the legislative puzzle for the crypto industry, filling the market structure gap and propelling the US from a "follower" to a "leader" in global crypto regulation.

Overall, these policy and personnel changes signal a structural opportunity for the US crypto ecosystem, with regulatory clarity potentially attracting more institutional capital inflows. However, challenges have not disappeared, such as coordinating DeFi regulatory details and aligning with international standards. But for global crypto practitioners, this is not just an American story; it is a crucial window period for the entire industry.

Связанные с этим вопросы

QWhat is the core design principle of the 'Cryptocurrency Market Structure Act' (CLARITY Act)?

AThe core design principle is to avoid a 'one-size-fits-all' regulatory model and instead adopting a classification framework. It clearly distinguishes between 'digital commodities' and 'digital securities' to end the decade-long jurisdictional tug-of-war between regulators.

QWhich U.S. regulatory agency is given primary oversight of the secondary market for 'digital commodities' under the proposed bill?

AThe Commodity Futures Trading Commission (CFTC) is given primary regulatory authority over the secondary market for 'digital commodities'.

QWhat is the 'mature blockchain system' exemption path outlined in the bill?

AThe 'mature blockchain system' exemption allows a blockchain to be exempt from SEC securities requirements if it is 'highly decentralized' (no single entity controls more than 20% of the token supply or validation power) and its value is primarily derived from the network's actual use.

QWho are the two key political figures that have been appointed to lead the SEC and CFTC, signaling a pro-crypto shift in U.S. policy?

APaul Atkins was appointed as the Chairman of the SEC, and Brian Quintenz was nominated to be the Chairman of the CFTC. Both are seen as crypto-friendly appointments.

QWhat is the name of the committee established by the bill to ensure coordination between the CFTC and SEC?

AThe bill establishes a standing 'Joint Advisory Committee' to ensure coordination and avoid regulatory gaps or overlaps between the CFTC and SEC.

Похожее

iQiyi Is Too Impatient

The article "iQiyi Is Too Impatient" discusses the controversy surrounding the Chinese streaming platform IQiyi's recent announcement of an "AI Actor Library" during its 2026 World Conference. IQiyi claimed over 100 actors, including well-known names like Zhang Ruoyun and Yu Hewei, had joined the initiative. CEO Gong Yu suggested AI could enable actors to "star in 14 dramas a year instead of 4" and that "live-action filming might become a world cultural heritage." The announcement quickly sparked backlash. Multiple actors named in the list issued urgent statements denying they had signed any AI-related authorization agreements. This forced IQiyi to clarify that inclusion in the library only indicated a willingness to *consider* AI projects, with separate negotiations required for any specific role. The incident, which trended on social media with hashtags like "IQiyi is crazy," is presented as a sign of the company's growing desperation. Facing intense competition from short-video platforms like Douyin and Kuaishou, as well as Bilibili and Xiaohongshu, IQiyi's financial performance has weakened, with revenues declining for two consecutive years. The author argues that IQiyi is "too impatient" to tell a compelling AI story to reassure the market, especially as it pursues a listing on the Hong Kong stock exchange. The piece concludes by outlining three key "AI questions" IQiyi must answer: defining its role as a tool provider versus a content creator, balancing the "coldness" of AI with the human element audiences desire, and properly managing the interests of platforms, actors, and viewers. The core dilemma is that while AI can reduce costs and increase efficiency, it risks creating homogenized, formulaic content and devaluing human performers.

marsbit16 мин. назад

Jensen Huang Publicly Challenges Google and Amazon, Is the Chip Business Entirely Sustained by Anthropic?

In a candid interview, Nvidia CEO Jensen Huang challenged competitors like Google and Amazon, admitted past strategic errors, and criticized U.S. export controls on AI chips. He framed Nvidia’s role as turning “electricity in, tokens out,” emphasizing the complexity and value of AI inference. Huang dismissed rival custom chips like Google’s TPU and Amazon’s Trainium as inflexible and niche, claiming their growth relies heavily on clients like Anthropic. He also acknowledged missing early investment opportunities in OpenAI and Anthropic. On China, Huang warned that export restrictions risk pushing the country toward self-sufficiency and could cost U.S. leadership in AI. Finally, he explained Nvidia’s acquisition of Groq as a move to serve premium, low-latency token markets. Throughout, Huang emphasized ecosystem trust and Nvidia’s central role in global AI infrastructure.

marsbit22 мин. назад

Jensen Huang Publicly Challenges Google and Amazon, Is the Chip Business Entirely Sustained by Anthropic?

marsbit22 мин. назад

ARK's SpaceX IPO Investment Guide: $1.75 Trillion Valuation, 95x Price-to-Sales Ratio, Where Is the Money Going?

ARK Invest, a major investor in SpaceX, provides an analysis following SpaceX's confidential IPO filing on April 1, 2026, targeting a $1.75 trillion valuation and up to $75 billion in funding for a Nasdaq listing around June 2026. This would be the largest IPO in history. The valuation implies a price-to-sales ratio of ~95x based on ~$18.5B in projected 2025 revenue. ARK argues this reflects future potential, not current reality. Key drivers include Starlink, with over 10M users and $20B+ in 2026 revenue, launch services which have reduced costs by ~95% since 2008, and the strategic merger with xAI in February 2026, enabling vertically integrated AI and orbital computing. ARK’s investment thesis is based on SpaceX's proven execution of ambitious goals, like reusable rockets and global satellite internet. The firm notes that significant value creation often occurs pre-IPO, and its Venture Fund offers exposure to SpaceX’s earlier private stages. Post-IPO, the fund will manage the position per standard lock-up and rebalancing processes, maintaining flexibility to reinvest in other private innovations. The analysis is based on public estimates and ARK research; the S-1 filing is not yet public. This is not investment advice.

marsbit23 мин. назад

ARK's SpaceX IPO Investment Guide: $1.75 Trillion Valuation, 95x Price-to-Sales Ratio, Where Is the Money Going?

marsbit23 мин. назад

Stablecoin Hype Overblown? Moody’s Says Banks Aren’t In Danger

The article discusses the legislative stalemate in the US over the Digital Asset Market Clarity Act of 2025 (CLARITY Act), which aims to regulate crypto assets. A key point of contention is whether stablecoins should be allowed to pay interest, with crypto companies opposing a ban and banks supporting it. Moody's analyst Abhi Srivastava states that, for now, stablecoins do not pose a significant threat to traditional banks due to existing efficient payment systems and the current prohibition on yield-bearing stablecoins. This limits their appeal for pulling deposits from banks at scale. However, with the stablecoin market cap exceeding $300 billion and growth in tokenized assets, banks could face future pressure from deposit outflows. The crypto industry warns that failure to pass the bill could lead to stricter regulatory crackdowns. Negotiations continue with little progress, despite both sides desiring a resolution.

bitcoinist1 ч. назад

Stablecoin Hype Overblown? Moody’s Says Banks Aren’t In Danger

bitcoinist1 ч. назад

Not a Price Hike, but a Supply Cut? Oil Prices Have Crossed the Tipping Point

The global oil market has passed a critical point, shifting the focus from price increases to potential physical supply shortages. The core issue is a time mismatch: even if the Strait of Hormuz reopens, shipping disruptions have already caused significant delays, which will continue to deplete onshore crude inventories for weeks. Refinery behavior acts as an amplifier. Reduced runs in Asia and Europe don’t reflect weaker demand but instead shrink product inventories, raising fuel prices and refining margins, which in turn encourages higher runs—creating a self-reinforcing cycle. If the Strait remains closed beyond April, traditional pricing models may fail. The market could face an unprecedented physical shortfall of 11-13 million barrels per day—roughly four times historical disruption levels. In such a scenario, price becomes an inadequate balancing tool. The only way to rebalance the market would be policy-driven demand destruction, similar to COVID-era lockdowns. Current prices around $95/barrel are insufficient to balance the market. Key signals to watch include inventory levels, policy announcements, and the pace of involuntary demand contraction. Geopolitically, the situation appears likely to worsen before improving, with little room for compromise between the US and Iran.

marsbit2 ч. назад

Not a Price Hike, but a Supply Cut? Oil Prices Have Crossed the Tipping Point

marsbit2 ч. назад

Торговля

Спот

Фьючерсы

Обсуждения

Добро пожаловать в Сообщество HTX. Здесь вы сможете быть в курсе последних новостей о развитии платформы и получить доступ к профессиональной аналитической информации о рынке. Мнения пользователей о цене на US (US) представлены ниже.