If the biggest regulatory variable in 2025 is the Genius Act,GENIUS ActIt's from the oven.
So the biggest regulatory variable in 2026 is not the Clarity Act.
The Encryption Clarity Bill, which has been in place since its inception, is moving towards the end of comprehensive legislation through a strong vote by the United States House of Representatives.
The United States Congress attaches great importance to this, which is called to bring unprecedented clarity to the digital asset market.
What are the so-called clear rules that are unprecedented?
Summarizing: The need for a common understanding of the location of encrypted assets among various United States regulators
The U.S. Digital Asset Control (DRA) has long been in the fog to see flowers. Over the years, both the United States Securities and Exchange Commission (SEC) and the Commodity Futures and Exchange Commission (CFTC) have been implementing the term " controlling encrypted assets " .
SEC insisted on the fact that the majority of the coins were securities in the former president, Ginsler.Law enforcement was carried out in 1946 with the Holway test, but the new rules for digital assets were consistently rejected.
The so-called Hawe test is the criterion for determining whether investing in a common cause and relying on the efforts of others to profit constitute securities.
CFTC, for its part, prefers to treat partially decentralised, non-revenue coins as bulk commodities.It was advocated to fill the gaps in the regulation of spot markets under existing laws.
This one-size-fits-all situation has led to the discomfort of the market owners, and the United States encryption industry has stepped in the grey zone, fearing that law enforcement will take place at once.
Over the past few years, we have witnessed many law enforcement and regulatory disruptions: frequent prosecutions by regulators against issuers of coins and exchanges, without clear rules.
Legal uncertainty gives rise to a chain reaction:Traditional financial institutions are not present because of compliance concerns, and innovative projects are forced to leave abroad.
It is in this context that the Encrypted Clear Bill was conceived. In July 2025, the United States House of Representatives passed the bill by a cross-party advantage of 294 to 134 votes.
But take it easy, the passage of the House of Representatives does not represent anything.
Under the current United States legislative system, the bill also requires a vote between the two chambers (the Senate and the House) and the President to sign into law when the same text is aligned.
In fact, the Senate received and considered it on September 18th, 2025.Also forwarded to the Senate Banking, Holding, and Urban Affairs Committee for further consideration.
That means:At the time of the Senate Committee stage, the Senate has not voted in its entirety, let alone sent President Trump to sign into law.
But perhaps it was only a matter of time, after all, the Talent Act took only 79 days from the draft to the law.The 79-day history of the car suggests that the Encrypted Clear Act is now probably in a string position.
It also means that it is almost compulsory to find out as soon as possible what is written in the Encryption Clear Bill.
Specifically, the Act establishes a core three-class digital asset control system
The first is digital goods, i.e. tokens whose value is derived mainly from the function or use of the block chain itself, such as original coins for payment, governance, access to services or incentives. The bill explicitly excludes traditional securities, derivatives and stable currencies from the category of digital goods.
The second category is investment contract assets, which refer to tokens that are inherently consistent with the definition of a digital commodity but have been used to finance its issuance.
In short, if a project party raises funds through, for example, the initial issuance of a currency (ICO), the currency is considered, at the issuance stage, as a security attached to an investment contract and subject to regulation by the SEC.
However, this characterization is not a life-long one, and once the token enters the secondary market and is no longer marketed by or on behalf of the issuer, it is no longer considered a security but converted into a simple digital commodity.
The Act even designed a network maturity certification mechanism: when the block chain system is fully functional, code open source,When rules are transparent and no single subject controls more than 20 per cent of the coin, it can be assumed that the network is mature and that the tokens held by the projector and early investors can be unlocked from circulation and are no longer subject to the regular restrictions of the securities law lock.
This arrangement is similar to the lock-in period in IPOs, but more emphasis is placed on decentrization, with the aim of distilling the shift nodes of tokens from financing securities to popular goods.
It also means that once the Encryption Clear Act becomes law, the meme coin may face a dramatic shock.
In the case of the famous meme coin SHIB, it can be seen in Etherscan that after five years of sank, the largest single subject held only 5.7499 per cent (note: 41.0440 per cent of the first-largest holdr is a black hole address, meaning that the token has been destroyed), which means that the requirement that the Encryption Clear Act can be converted to a digital commodity is met.
The last category consists of the licence to pay the stable currency, i.e. the moored value of the French currency, the payment stability currency issued by the regulated body and committed to 1:1.
Such stabilizers will be subject to strict supervision by federal or state financial regulators (e.g., banking regulators) whose issuers must hold full and high-quality reserve assets and be subject to disclosure and auditing.
Within this three-tier framework, the CLARITY Act also clearly delineates the boundaries of responsibility between SEC and CFTC.
According to the Act, the CTC will be given core jurisdiction over the digital commodity spot market, including anti-fraud and anti-manipulation enforcement of digital goods and requiring all types of intermediaries (exchanges, brokers, etc.) engaged in digital commodity transactions to register with the CTC.
For a long time, CFTC has been subject to the Merchandise Trading Act,The fact that the spot market was subject to ex post facto enforcement and lacked pre-regulating regulation undoubtedly greatly expanded its competence.
Accordingly, the SEC has a special department for the regulation of the issuer and issuer of investment contract assets, ensuring that the disclosure of information, registration filing, reporting obligations, etc. at the stage of financing in coins comply with the requirements of the securities law.
It is worth noting that the SEC still has some jurisdiction over certain digital commodity transactions under the Act: If a digital commodity is sold on a voucher or trading platform registered with the SEC, the SEC may enforce fraud manipulation in its transactions.
In addition, the Act directs the SEC to use existing exemptions to provide for certain decentrized financial activities.Ensure that pure technology developers, nodal operators, etc. are not found to be in violation of their code by others.
It's a thousand-storey cake.
For the United States encryption money industry, this marks the gradual fall of the regulatory sword into written law and the end of a safe harbour for businesses and projecters.
There was a question of timidity among entrepreneurs: whether or not a currency count is now a legislative standard for securities. According to the Act, once the projecter has complied with the securities regulation at the fund-raising stage, the project token may be removed from the securities label once the network is fully functional and the tokens are distributed.
It was recalled that the previous court dispute over the definition of the XRP in the Ripple case, as well as Coinbase ' s lack of clear rules for the listing of tokens in court against the SEC.
Now that the law is endorsed, the project party is no longer entirely subject to the subjective determination of the regulator. Such clarity will enhance compliance and encourage more home-grown block chain innovation attempts.
And the important thing is, the division of powers between the SEC and the CTC and the two-track regulation.
The far-reaching significance of the bill is to put an end to the long Kowloon water landscape and to establish a two-track system with clear responsibilities.
Indeed, for Wall Street, the greatest risk in the past was not price volatility per se, but compliance uncertainty resulting from regulatory fog.
The Purge Act allows large institutions to participate in investment in digital goods such as bitcoin with legal certainty: They know that the spot market is regulated by the CFTC and that the rules governing transactions are more transparent.
It is foreseeable that the encrypted clarity bill will serve as a bridge between traditional finance and the encrypted world, bringing together two areas that have been clearly identified.
The market is not one-way, and once regulations are put in place, they can be beneficial.
Looking back at history, whenever major encryption regulatory initiatives are introduced in the United States, market responses tend to be complex and dramatic
In October 2021, Bitcoin futures ETF was approved, the first release of mainstream investment products in the encryption industry. After ProShares' bitcoin futures ETF was traded at the NYC, the bitcoin price was once at a record high of $66,928.
The optimism unleashed by this deregulation ignited the market, and investors competed and pushed Bitcoin past heights in just a few days.
But there is also a concern about excessive excitement: as can be seen from the chain analysis, the ETF's introduction has stimulated a lot of leverage, and the resulting profit-back has led to a sharp reversal of bitcoin soon after innovation.
The volatility of the benefits reveals that the mood of the encryption market tends to precede the basics:监管利好能带来行情快速拉升，但随后市场仍会回归理性，消化过高的预期。
但无论如何，加密清晰法案的问世标志着美国加密行业走出多年迷雾，踏上了法治化的康庄大道。至于这只凝视加密未来的法眼最终清晰了谁的视野，答案或许正在 unfolding…
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