stable coins
By Maheen Hernandez
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The CLARITY Act Is Going Nowhere Fast. Meanwhile, the legislative route is stuck. The Digital Asset Market Clarity Act passed the House…
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Banks Are Nervous, Fintechs Are Ready. One fight that's gotten less attention: crypto reward programs.
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The SEC is meeting August 14. On the table: a proposal that could fundamentally change how crypto companies raise money in the U.S.
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The proposal, called Regulation Crypto, would let digital asset firms raise capital without going through full securities registration. That's a big deal.
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None of this is final. But the direction is pretty clear.
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The CLARITY Act's core idea is a split: the SEC handles securities, the CFTC handles commodities. Bitcoin and ethereum would fall under CFTC jurisdiction as commodities.
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The bill also includes ethics rules for public officials involved in crypto and protections for software developers. Those provisions are contentious. They've slowed things down.
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More context: CLARITY Act Has a 75% Chance of Dying Before September Vote
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CFTC Chairman Michael Selig said his agency is ready to move on rulemaking regardless of whether the CLARITY Act passes. That's notable.
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One fight that's gotten less attention: crypto reward programs. Banks are worried that yield-bearing crypto products could pull deposits away from conventional savings accounts.
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That tension doesn't get resolved by either the SEC vote or the CLARITY Act directly. But the regulatory environment shapes it.
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For crypto startups specifically, the SEC vote on August 14 is probably the more immediate thing to watch.
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Read also: Waters, Warren, Brown, Bennet: Four Democrats With F-Ratings Could Kill Crypto Reform
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Broader context: the SEC has taken heat for years for being slow and enforcement-heavy on crypto. Regulation Crypto, if it moves forward, would be a real shift — not just a tweak.
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The CFTC and SEC are both moving. Congress is stuck. And the industry is watching August 14.
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