Why the SEC-CFTC Guidance May Make the Clarity Act Irrelevant

The SEC and CFTC jointly issued guidance on March 17th classifying most crypto assets as non-securities, providing clarity on staking, airdrops, and mining. This move has led many in the crypto community to question the necessity of the Clarity Act of 2025, which has stalled in the Senate due to disagreements over stablecoin yields. The guidance establishes a token taxonomy similar to that proposed in the Clarity Act, assigning oversight to the CFTC for digital commodities and the SEC for digital securities. While the guidance doesn't cover all aspects of the Act – such as formal registration pathways and anti-money laundering provisions – it addresses many key areas. Industry experts have expressed optimism, suggesting the guidance delivers much of the Clarity Act’s benefits. However, the guidance is interpretive and could be reversed by future administrations, and courts are not bound by it, making the Act’s permanence desirable. The SEC also plans further rulemaking, including an innovation exemption for crypto startups. The industry now faces a limited timeframe to pass the Clarity Act before midterm election dynamics impact the Senate’s calendar.

(Source：BeInCrypto)