US Senate Banking Committee Clarifies 7 Misconceptions of CLARITY Act: Emphasizes Investor Protection and Regulatory Boundaries

In response to rumors, the US Senate Banking Committee has published an article interpreting and clarifying 7 misconceptions of the "CLARITY Act," including:

1. Not deviating from existing securities laws, but based on mature securities law principles to clarify which digital assets are securities and which are commodities.

2. The essence of this act is an investor protection law, aiming to combat fraud, manipulation, and abuse by establishing clear rules to prevent a recurrence of risks like the FTX incident.

3. By clearly delineating the regulatory authority of the SEC and CFTC, and establishing a joint advisory committee to coordinate rules, regulatory gaps are filled, targeted anti-evasion provisions are introduced, and arbitrage opportunities are reduced.

4. Key intermediaries are required to fulfill anti-money laundering and anti-terrorist financing obligations, while sanctions compliance and Treasury enforcement authority are strengthened.

5. Not allowing DeFi to become an illegal funding channel, emphasizing "precise crackdown on illegal activities," requiring centralized intermediaries interacting with DeFi protocols to implement risk management standards, and establishing specific rules for intermediaries that are not truly decentralized to protect code and innovation.

6. Clearly protecting the self-custody rights of software developers and users, not considering developers who do not control user funds and only release or maintain code as financial intermediaries, while retaining regulatory agencies' intervention capabilities against real risks.

7. The core goal is to strengthen national security, protect investors, promote compliant innovation under clear rules, rather than "tailoring" regulations for specific industries.

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