Senate Clarity Act Vote Tees Up Crypto Collision With Traditional Finance

The cryptocurrency sector has for years called for regulatory clarity around digital asset markets in the U.S. The resulting piece of legislation, the Clarity Act, however, has morphed into something more than just a crypto market structure bill. Over successive rewrites, the Clarity Act moved far beyond its original remit of defining whether a token is a security or a commodity under the purview of the Securities and Exchange Commission (SEC) or the Commodities Future Trading Commission (CFTC).