Senator Cynthia Lummis (R-WY) announced on June 24 that the final text of the Digital Asset Market Clarity Act, better known as the CLARITY Act, will be published over the July 4th weekend. A Senate floor vote is expected to follow in July.
What the CLARITY Act actually does
Under the framework, the Commodity Futures Trading Commission takes over as the primary regulator for digital commodities. The Securities and Exchange Commission keeps a limited role, covering the securities side of the industry.
For developers, the bill addresses legal uncertainty around writing code. Lummis has said the act eliminates the need for developers to consult lawyers every time they want to know whether their code is legal.
The bill also tackles anti-money laundering rules and developer liability.
