On 29 May 2025, a bipartisan group of U.S. lawmakers introduced the Digital Asset Market Clarity Act (CLARITY Act), a proposal that would remove SEC oversight from most cryptoassets and classify them as "digital commodities" under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
The bill would amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude crypto tokens that are intrinsically linked to blockchain systems from the definition of securities. This would apply to most major cryptocurrencies including Ethereum, Solana, XRP and various governance tokens.
To qualify as a digital commodity, a token must be used to transfer value within a blockchain system. The bill also introduces a separate category for "mature blockchain systems" that meet certain decentralisation and transparency criteria, although registering as one is optional and offers limited regulatory relief.
The CLARITY Act establishes new compliance obligations for brokers, dealers and custodians, including asset segregation, customer disclosures and operational safeguards. It also introduces a registration regime for digital asset firms seeking to operate in the U.S.