What was in the failed CLARITY Act and what will replace it
- —The CLARITY Act categorized crypto assets and set out which regulator oversees them
- —The CFTC would have gained full oversight of spot crypto commodity markets
- —The bill included measures against illicit financing and protections for DeFi developers
- —The SEC is advancing Project Crypto as a replacement, but insists legislation is still needed
Why it matters: Without legislation, SEC rules are vulnerable to a change in the agency's leadership, leaving uncertainty for exchanges and DeFi projects in the U.S.
Source: Cryptonews.net