After the GENIUS Act, which introduced new rules for stablecoins in the United States in 2025, the CLARITY Act is now expected to introduce additional and, above all, clearer laws for the treatment of cryptocurrencies in 2026 – and has therefore been eagerly awaited by the crypto sector for some time. On Tuesday night, the draft was published by the Senate Banking Committee and on Thursday, January 15, a vote on the new DeFi regulations is planned.
Fundamentally, the CLARITY Act aimed at reshaping the crypto market is all about which authority is responsible for what. Until now, it was unclear in the United States whether the Securities Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) was responsible, because a fundamental question regarding crypto assets often remained unanswered: should they be treated as securities (Securities) or rather as commodities (Commodities)? Former SEC chief Gary Gensler was known for viewing all cryptocurrencies except Bitcoin as securities due to the lack of decentralization and the role of corporations.
Either way, crypto companies that issue tokens or stablecoins will face new rules if the CLARITY Act is approved in its current form. The following points are planned:
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Clear distinction between securities and commodities: The bill defines “ancillary assets” (network tokens) and establishes when these should be treated as digital commodities (Commodities) and not as securities (Securities), based on decentralization and control.
- A Accessory asset is a network token whose value depends on the entrepreneurial or management efforts of a Ancillary Asset Creator (the original issuer or creator) or a related person. The SEC is responsible for specifically defining when something constitutes an incidental asset.
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Disclosure requirements for crypto projects: Crypto asset issuers must disclose full information to the SEC about the project, financial resources and development until the network is certified as sufficiently decentralized.
- Strict measures against illegal financial flows: The “Bank Secrecy Act” is explicitly extended to crypto service providers (brokers, dealers, exchanges) to combat money laundering and terrorist financing, including stricter rules for crypto ATMs.
- Protection for pure software developers: The draft clarifies that people who simply develop code, publish it or operate validation services (without control over assets) should not be regulated as financial intermediaries.
- Integration into the banking system: Banks and credit unions are allowed to offer crypto custody services, issue stablecoins, and use distributed ledger technology for their operations, provided it is done in compliance with security regulations.
- Regulation of stablecoins: Rules are established for “Payment Stablecoins”, including a ban on service providers paying interest only for holding stablecoins, in order to preserve their character as a means of payment (and not an investment).
- Setting up a regulatory “sandbox”: The SEC and CFTC will jointly create a “Micro-Innovation Sandbox” that will allow companies to test innovative blockchain products under supervision and with limited regulatory exemptions.
- Legal security for NFTs: A “Safe Harbor” is created for non-fungible tokens (NFTs), clarifying that NFTs are generally not securities when they constitute art, collectibles or access rights.
- Customer protection in the event of insolvency: The draft amends the insolvency law to ensure that clients’ crypto assets are protected as client property in the event of failure of an intermediary (e.g. an exchange) and do not fall into the bankruptcy estate.
- Regulation of DeFi protocols: An attempt is being made to regulate decentralized finance (DeFi) protocols by distinguishing between truly decentralized systems and those under “shared control”, as well as introducing voluntary cybersecurity standards.
The CLARITY Act has already passed the U.S. House of Representatives, but remains stalled in the U.S. Senate due to differences of views between Democrats and Republicans. Some want more protection and control, while others see the risk that innovation in the blockchain sector will be stifled by overly strict regulations.
The planned crypto regulations are also controversial within the industry itself. The founder of Cardano, Charles Hoskinson, for example, recently very loudly criticized US President Trump’s cryptography policy in public. Hoskinson is a vocal critic of the Trump administration’s crypto policy, which he describes as chaotic, “predatory” and, through projects like “Trump Coin,” unstructured enrichment. He argues that Trump’s approach has heavily politicized the crypto industry and thus destroyed bipartisan support for critical regulatory legislation like the “Clarity Act” because crypto is now negatively associated in public perception with Trump and “scams.” This development led to massive losses for investors.
