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The Crypto Clarity Act, formally known as the Digital Asset Market Structure Clarity Act, aims to bring regulatory clarity to the digital asset space in the US. Here's what you need to know ¹:
Key Provisions
- *Defines digital assets*: Establishes clear definitions for terms like blockchain, digital asset, and digital commodity to avoid confusion.
- *Splits oversight*: Assigns regulatory roles between the Securities and Exchange Commission (SEC) and the Commodities Futures and Trading Commission (CFTC) based on how a digital asset is used.
- *Creates "investment contract assets"*: Allows certain tokens that started as securities to later be treated as commodities if they become decentralized.
- *Registration requirements*: Crypto businesses, including exchanges, brokers, and dealers dealing with digital commodities, must register with the CFTC or risk penalties.
- *Limited fundraising*: Projects can raise up to $75 million annually under disclosure requirements if their blockchain aims to become decentralized.
- *Mature blockchain systems*: Defines mature blockchain systems as those without single-person or group control, enabling lighter regulation.
Impact
- *Regulatory clarity*: Provides a more predictable compliance environment for crypto businesses and investors.
- *Increased investor confidence*: