The CryptoClarityAct, officially known as the Digital Asset Market Structure Clarification Act, aims to provide regulatory clarity in the field of digital currencies in the United States. Here are its key provisions¹:
- *Definitions*: It provides clear definitions for digital assets, blockchain, and digital commodities to avoid any ambiguity.
- *Regulatory Oversight*: Oversight is divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) based on how the digital asset is used.
- *Securities and Exchange Commission*: It manages investment offerings, securities, and enforces anti-fraud laws.
- *Commodity Futures Trading Commission*: It oversees commodities, trading, and spot markets for digital commodities.
- *Digital Commodities*: Digital commodities are defined as assets linked to blockchain networks that are sufficiently decentralized or functioning at full capacity.
- *Investment Contract Assets*: This law allows the treatment of tokens that were initially sold as securities as commodities if they become decentralized.
- *Registration Requirements*: It requires cryptocurrency companies, exchanges, brokers, and dealers to register with the Commodity Futures Trading Commission (CFTC) or the U.S. Securities and Exchange Commission (SEC).
- *Self-Custody Rights*: It guarantees individuals the right to own and use digital assets in their own wallets.
- *Disclosure Requirements*: The law mandates disclosure of ongoing projects, including updates on blockchain technology development, token supplies, financial status, and project risks.