U.S. Crypto Clarity Act 2025–2026: SEC–CFTC Roles, Stablecoin Rules and DeFi Impact

The Digital Asset Market CLARITY Act of 2025 is a U.S. market structure proposal that seeks to define when a digital asset is treated as a security or a commodity and how trading venues and intermediaries should register under federal oversight. The House passed H.R. 3633 in July 2025, and in January 2026 the Senate Banking Committee postponed a key markup amid criticism from industry leaders over CFTC authority and stablecoin rewards. Supporters say the framework could reduce regulation-by-enforcement, while critics warn it may weaken state powers and create new pressure points for decentralization and DeFi.