CLARITY Act · SEC · US Congress · CoinDesk
Interviews with senior executives and legal experts suggest broad agreement that regulation will keep moving
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Lev Breydo, an assistant professor of law at William & Mary Law School, said Clarity exposed divisions within the industry, from ethics provisions to the yield fight with community banks.
Key facts
- Michael Lie, global head of digital assets at market maker Flow Traders, said he sees comprehensive regulation as inevitable as finance moves toward 24/7 trading
- The biggest gap is implementation,” said Derek Lowrey, head of legal at Newton Labs (formerly known as Magic Labs)
- The SEC’s five-year “ Innovation Exemption ” introduced September 17 lets qualifying venues trade tokenized U.S. stocks through blockchain liquidity pools while it works on permanent rules
- The CFTC followed on October 5, seeking feedback on rules for leveraged retail crypto trading and a new registration category for crypto markets
Summary
SEC and CFTC initiatives could expand regulated onchain trading and institutional access. Legal experts expect gradual progress, with gaps Congress must address. Executives see opportunities for DeFi, but established exchanges could retain their competitive advantage. The Digital Asset Market Clarity Act’s failure to advance in the Senate has shifted the next phase of U.S. crypto regulation to the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), opening prospects for more trading and investment to move onchain while leaving a central question unresolved: how much certainty can regulators deliver without Congress? Interviews with senior executives and legal experts suggest broad agreement that regulation will keep moving.