#CryptoClarityAct The CLARITY Act would also establish registration categories for digital commodity exchanges, brokers, and dealers, and create a tailored set of standards for new issuances of digital assets.

The bill passed the House (with 78 Democratic votes) on July 17, 2025 and is set to be reviewed by the Senate after Congress’s August recess.

The CLARITY Act, as drafted, would expand definitions of CPO and CTA to include managers and advisers involved with digital assets, requiring many private fund managers and investment advisers to register with the CFTC

The Bill’s limited exemptions from CPO and CTA registration may not cover most investment management firms, as broad definition of “digital commodity” captures most digital asset transactions

CPO or CTA registration would impose significant new compliance, reporting, and operational requirements on fund managers and advisers active in the digital asset space