The Senate released 616 pages merging two committee drafts into one bill. Here is what the combined text actually does, section by section.
- The merged CLARITY Act text (H.R. 3633) categorizes digital assets into three buckets: digital commodities (CFTC), investment contracts (SEC), and payment stablecoins (GENIUS Act), with a maturity certification process for graduation.
- Key provisions include an ETP grandfather clause for Bitcoin, Ether, XRP, SOL, and DOGE, a DeFi developer shield, and a new government ethics title, though the latter faces Democratic opposition due to enforcement and sunset clauses.
- The bill's passage is uncertain, with its shelving for the summer recess and upcoming September session, facing challenges in securing the necessary 60 Senate votes, particularly due to the ethics provision deadlock.
Topics: Legal regulatory, Jurisdictions, Institutional adoption, Securities law classification, Cross jurisdictional policy, Asset manager initiatives
Tags: #clarityact #digitalassets #sec #cftc #stablecoins #etpgrandfatherclause #blockchainregulatorycertaintyact #defi #governmentethics #lawenforcement
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