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

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Özet

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.

İlgili Sorular

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.

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