Congress has advanced the CLARITY Act, aiming to define U.S. digital asset regulation. Last June 10, the House Agriculture Committee approved it 47-6. Next, it will reach the House Financial Services Committee. There, lawmakers will debate, amend, and vote. If approved, it will proceed to the House floor.
The bill defines key terms. For example, it distinguishes digital commodities from securities. As a result, the Commodity Futures Trading Commission will oversee crypto spot markets. Meanwhile, the SEC will retain fraud-fighting authority over investment-contract assets. Thus, the legislation clarifies which federal agency regulates each asset type.
Representative French Hill stated that blockchain and digital assets are transforming U.S. finance by creating a more secure, decentralized, and inclusive system. He emphasized that Congress now has a historic chance to establish a clear regulatory framework to support this innovation.
Further, the CLARITY Act requires digital-asset platforms to register under the Bank Secrecy Act. They must also segregate customer assets and disclose conflicts of interest.
Despite strong bipartisan support, some Democrats express concerns. They fear the bill might enable conflicts tied to the Trump family’s crypto interests. Consequently, amendments are under discussion.
What Happens Next with the CLARITY Act?
In the coming weeks, the Financial Services Committee will mark up the bill. Subsequently, the House will vote. Separately, the Senate is advancing the companion GENIUS stablecoin bill. House leaders may combine both legislative efforts.
Importantly, online casinos using crypto could feel immediate impact. Once enacted, the CFTC will regulate crypto wagers treated as digital commodities. Also, platforms must follow new rules on custody and fund segregation.
As a result, online casinos must upgrade compliance systems. They will need internal controls and customer-fund protections. This way, online and crypto casinos can offer safe environments for customers who utilize their digital assets when they play.
Further, if casinos offer tokenized assets tied to the house, regulators may view those as securities. In that case, the SEC would oversee anti-fraud rules. Thus, operators must assess their token models carefully.
Overall, the CLARITY Act moves crypto regulation forward with agency clarity. It balances innovation with consumer protection. Next, Congress must fine-tune its details and vote on final passage.