Ten years of waiting end: The US cryptocurrency legal framework officially "comes to the table"

This weekend, the CLARITY Bill will be officially announced. This is not just an ordinary legislative step; it is a clear sign: Washington has changed its attitude.

On December 10th, Senators Gillibrand and Lummis publicly announced at the Blockchain Policy Summit that the (Crypto Market Structure Act) CLARITY Act is entering the amendment and hearing voting phase in the Senate next week. The bill was approved by the House with 294 votes support on July 17th this year and is now in the final stages before becoming law.

Defining Boundaries: From Ambiguous to Clear

For over a decade, the “security or commodity” debate has been a persistent nightmare for the US crypto industry. The CLARITY Act will officially end this by establishing a clear classification framework.

Pathway for Mature Blockchains: When a decentralized network meets the standard of (no single entity holds more than 20% of total tokens or validation rights), it will be exempt from SEC securities registration requirements. Assets like Bitcoin and Ethereum will have stable legal status.

Clear Division Between CFTC and SEC: The CFTC will become the regulator for the derivatives market of digital commodities, while the SEC will focus on issuing tokens with securities characteristics in the primary market. A “Joint Advisory Committee” mechanism will be established to coordinate, avoiding gaps or overlaps in regulation.

Protection for Innovators: Protocol developers, node validators, and miners will be excluded from the definition of “broker,” reducing compliance burdens at the protocol layer. Companies raising up to $75 million annually will be allowed to apply for exemptions, with stricter disclosure requirements.

The Pull Force: Crypto-Friendly Personnel Have “Taken Positions”

No law can be enforced without enforcers. Trump has appointed a team that has transformed the face of US financial regulation.

Paul Atkins at SEC: Recently appointed as SEC Chairman, starting in 2025. Atkins publicly stated that America’s “resistance” to crypto has lasted “too long.” He views the CLARITY Act as part of a larger “Project Crypto” aimed at bringing order to the industry through legislation.

Brian Quintenz at CFTC: Former crypto lawyer nominated by Trump as CFTC Chairman. Since March this year, he has served as Chief Legal Advisor to the SEC Crypto Task Force, reporting directly to Atkins. His background with blockchain companies and venture funds clearly indicates: CFTC will be a “driving force” rather than a “blocking agency.”

Travis Hill at FDIC: Appointed by Trump as FDIC Chairman, he is a strong supporter of banks participating in crypto custody and stablecoin issuance. FDIC acts as a bridge between the traditional banking system and the crypto ecosystem—having a “friendly” figure in this position could be a game-changer.

CFTC’s Momentum: “Getting Ahead”

While the Senate is still reviewing, the CFTC has already acted. On December 5th, Acting Chair Caroline D. Pham announced a significant decision: spot crypto products will be allowed to trade on CFTC-regulated futures platforms for the first time.

This move is part of the broader “Crypto Sprint” plan, which includes:

• Promoting the use of tokenized collateral assets (including stablecoins) in derivatives markets
• Amending rules to support blockchain technology in payments and clearing
• Goal: make the US the “cryptocurrency capital of the world”

Clearly, the CFTC is not just waiting for the CLARITY Act but actively building infrastructure so that the legal framework can operate once passed.

The Big Picture: Structural Opportunities for the Entire Industry

When the CLARITY Act is passed, it will complement the Stablecoin Innovation Act signed by Trump today—a law providing a safe framework for stablecoin issuance. Together, these laws will craft the most comprehensive legal landscape for crypto that the US has ever seen.

What is the practical significance? Clear regulations = institutional capital. Once legal gaps are filled, large funds will have no reason to avoid the space. The concept of “regulatory uncertainty” as an implicit cost hindering US innovation is about to disappear.

However, challenges remain: detailed DeFi regulation, international standards, coordination between federal and state authorities. But with the Senate about to vote, the crypto-friendly forces within key agencies, and the CFTC “ready to deploy,” a new phase is opening.

For the crypto world, this is a US event—but the lesson is global.