Actifs numériques
Loi CLARITY expliquée: Ce que le vote du Sénat signifie pour la crypto
The crypto market structure bill, or CLARITY Act, continues to face challenges from opposition and parties seeking to ensure it includes aspects vital to their business models. Recently, the bill passed the House and is preparing for a Senate vote. As such, it’s the perfect time to delve into what it encompasses and how it could affect the market moving forward. Here is everything you need to know about the CLARITY Act.
Résumé
- La loi CLARITY établit un cadre fédéral pour la supervision des crypto‑actifs.
- Elle répartit l’autorité entre la SEC et la CFTC.
- Le projet de loi fait maintenant face à un vote crucial du Sénat dans un contexte de friction politique.
Pourquoi la régulation de la structure du marché crypto est tant attendue
The CLARITY Act was born from a growing sense of urgency regarding the regulation of digital assets like Bitcoin, DeFi tokens, and stablecoins. Since their inception, digital assets have lacked a clear method for determining asset classes or identifying which regulatory body would be responsible for enforcement.
Au début du marché de la blockchain, cette souplesse était acceptable car la majorité des investisseurs cherchaient à innover la technologie et à favoriser son adoption. Aujourd’hui, le marché est devenu un secteur d’un trillion de dollars avec des financements institutionnels affluant par milliards.
Il convient de noter que les investisseurs institutionnels ont des exigences plus élevées qui nécessitent une certitude juridique. Cette exigence signifie que le niveau actuel de participation n’est qu’une goutte d’eau comparée au potentiel qui pourrait être atteint avec une véritable clarté. De plus, le manque de transparence a conduit à un scénario où de nombreux projets blockchain craignent d’être régis par l’application de la loi, les obligeant à « attendre et voir » plutôt qu’à construire en toute confiance.
Qu’est‑ce que la loi CLARITY (H.R. 3633) ?
The Digital Asset Market Clarity Act of 2025 (H.R. 3633) is an attempt to rectify these issues. It contains components derived from regulators, market participants, and everyday crypto users. It was devised with the express goal of easing institutional investor concerns without stifling U.S. innovation.
The bill successfully passed the House on 17 juillet 2025, after months of debate and negotiations. Now it will come before the Senate, where it promises to be an even bigger battle. Here is what the bill currently contains and why some believe it needs to include much more.
Cadre fédéral
At the core of the CLARITY Act is a new framework that places distinct responsibilities on the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The new guidelines will enable companies to expedite their registration and improve investor confidence.
Les éléments clés du projet de loi comprennent la conformité totale à la Bank Secrecy Act. Il introduit également plusieurs directives pour les dépositaires d’actifs numériques, notamment la nécessité de séparer les fonds du flux de trésorerie opérationnel, de fournir un audit tiers et d’instaurer plusieurs contrôles de risque à l’échelle de l’entreprise.
Plus précisément, les banques étatiques ou fédérales, les sociétés de fiducie et les entreprises enregistrées auprès de la CFTC pourront agir en tant que dépositaires si la législation est adoptée. Les entreprises qui ne relèvent pas de ces directives devront intégrer un dépositaire certifié dans leur modèle commercial, ainsi que de nouvelles protections pour les développeurs non‑contrôlants, afin de se conformer.
Surveillance
The SEC and the CFTC will have separate responsibilities in this framework. However, a key aspect of the bill is that new definitions, rulings, and future guidelines will be decided by a joint committee containing representatives from both agencies. In terms of specific tasks, the SEC will be responsible for monitoring centralized tokens and investment contract assets.
Inversement, la CFTC surveillera les marchés au comptant, les bourses, les courtiers et les négociants. Sa juridiction comprendra la DeFi et d’autres marchandises numériques décentralisées. Le projet de loi décrit une marchandise numérique comme un actif associé à un système blockchain mature sans entité unique de contrôle.
Techniquement, les stablecoins pourraient également relever de cette classification. Cependant, la loi CLARITY renvoie aux directives de la GENIUS Act. Le Guiding and Establishing National Innovation for U.S. Stablecoins Act de 2025, ou GENIUS Act, a été signé en loi le 18 juillet 2025. Il établit un cadre complet pour le secteur des stablecoins, définissant des normes essentielles pour l’émission, le stockage et l’utilisation des stablecoins.
Faites glisser pour faire défiler →
| Régulateur | Juridiction principale | Types d’actifs couverts |
|---|---|---|
| SEC | Protection des investisseurs & divulgations | Actifs de contrats d’investissement, tokens centralisés |
| CFTC | Surveillance du marché & intégrité des transactions | Marchandises numériques, marchés au comptant, protocoles DeFi |
Pourquoi la loi CLARITY interdit les rendements des stablecoins
Interestingly, the CLARITY Act exempts payment stablecoins from securities laws in its current form. This topic was already covered in the GENIUS Act, which prohibits the action. Many believe this maneuver was designed to make a clear distinction between bank deposits and stablecoins to help prevent massive capital outflows from the traditional banking system.
Exclusions
The CLARITY Act includes several other exclusions. Primarily, it exempts secondary trades of mature digital commodities. It also exempts secondary markets like CEXs and DEXs from the need to register with the SEC. This decision is seen as a positive for the sector as it helps to expedite new projects.
La loi CLARITY a‑t‑elle influencé la performance du Bitcoin après la réduction des taux ?
Some analysts were quick to connect the bill’s movement to the Senate as one of the reasons Bitcoin (BTC ) didn’t see the rally many had hoped for following the Fed rate cut. However, a deep analysis shows that market sentiment remains cautious, and many investors view the rate cut as a trial rather than a definitive remedy.
(BTC )
Statut législatif et perspectives du Sénat
It has been months since the CLARITY Act passed the House. Now the bill will go to the Senate for a final vote. Notably, it has picked up bipartisan support, with many seeking to push the legislation through before the end of 2025. However, new distractions and options could muddy these efforts.
Friction politique et propositions concurrentes du Sénat
The Senate Banking Committee has delivered draft legislation that is seen by many as direct competition to the House bill. This new legislative effort follows weeks of tight‑lipped negotiations between Senate Democrats and Republicans.
Notably, Democrats have shown support for much of the CLARITY Act’s structure. However, they feel it falls short on crucial aspects including stability, market integrity, and national security. They also want a section that specifically focuses on political conduct regarding these assets.
This last request is clearly geared toward President Trump, who has launched several blockchain projects over the last few years. Notably, Trump has made a full turnaround regarding digital assets, which he labeled as a “scheme” during his first term.
Adopter les nouvelles technologies
This latest legislation is part of a broader maneuver to embrace blockchain and other advanced technologies. Already, SEC Chair Paul Atkins has stated that the market is seeking to transition toward on‑chain entities. As part of this maneuver, the SEC responded with a no‑action letter regarding plans by the Depository Trust and Clearing Corporation (DTCC) to launch a new securities market tokenization service.
Tokenisation complète
Financial markets are making their way to a blockchain near you, and for good reason. Blockchain‑based systems reduce costs, improve transparency, and are more resilient than centralized options. Also, as more legislation provides digital assets with key protections found in traditional markets, the transition makes more sense than ever.
This shift toward digital is expected to enhance performance, improve transparency, and provide more stability. It will also inspire more tech firms to begin offering innovative products to assist in the on‑chain transition. The SEC went as far as to state it will be considering more exemptions regarding transition offerings.
Atkins has been vocal about his support for integrating innovative tech to improve and enhance offerings. This latest decision to enable one of the nation’s largest clearing, settlement, and trading service providers to operate freely speaks volumes and will surely inspire more innovation.
À retenir pour les investisseurs
Si elle est adoptée, la loi CLARITY pourrait libérer du capital institutionnel en réduisant l’incertitude réglementaire, tout en favorisant les bourses, dépositaires et plateformes de tokenisation conformes.
La loi CLARITY | Conclusion
It would be an amazing accomplishment if lawmakers could come together and get this legislation passed before the end of 2025. However, the chances of bipartisan support reaching a level to make this possible are dwindling by the hour. It is more realistic that the bill will come before the Senate following the holiday break, giving both sides more time to refine their stance.
Que pensez‑vous de la loi CLARITY ? Pensez‑vous qu’elle sera adoptée avant la fin de 2025 ? Aimez, partagez et faites‑nous part de votre avis dans les commentaires. Cliquez ici pour plus d’actualités sur les actifs numériques.
