Legge CLARITY Spiegata: Cosa Significa il Voto del Senato per le Criptovalute

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.

Perché la Regolamentazione della Struttura del Mercato delle Criptovalute è da Tempo Necessaria

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.

Nei primi giorni del mercato blockchain, questa flessibilità era accettabile perché la maggior parte degli investitori cercava di innovare la tecnologia e favorire l’adozione. Oggi, il mercato è cresciuto fino a diventare un settore da un trilione di dollari con finanziamenti istituzionali che arrivano per miliardi.

Notably, institutional investors have higher standards that require legal certainty. This requirement means that the current level of participation is just a drop in the bucket compared to the potential that could be achieved with true clarity. Additionally, the lack of transparency has led to a scenario in which many blockchain projects fear rule by enforcement, meaning they must “wait and see” rather than build with confidence.

Che Cos’è la Legge 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 luglio 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.

Quadro Federale

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.

I componenti chiave del disegno di legge includono la piena conformità al Bank Secrecy Act. Introduce inoltre diverse linee guida per i custodi di asset digitali, tra cui la necessità di separare i finanziamenti dal flusso di cassa operativo, fornire audit di terze parti e istituire diversi controlli di rischio a livello aziendale.

Specifically, state or federal banks, trust firms, and CFTC-registered companies will be able to act as custodians if the legislation passes. Companies that don’t fall under these guidelines will need to integrate a certified custodian into their business model, alongside new non-controlling developer protections, to meet compliance.

Supervisione

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.

Al contrario, la CFTC monitorerà i mercati spot, le borse, i broker e i dealer. La loro giurisdizione includerà DeFi e altre merci digitali decentralizzate. Il disegno di legge descrive una merce digitale come un asset associato a un sistema blockchain maturo senza un’entità di controllo unica.

Tecnicamente, le stablecoin potrebbero rientrare anche in questa classificazione. Tuttavia, la Legge CLARITY rimanda alle linee guida del GENIUS Act. Il Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, o GENIUS Act, è stato firmato in legge il 18 luglio 2025. Definisce un quadro completo per il settore delle stablecoin, stabilendo standard vitali per l’emissione, la conservazione e l’utilizzo delle stablecoin.

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Perché la Legge CLARITY Proibisce i Rendimenti delle Stablecoin

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.

Esclusioni

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 Legge CLARITY ha Influenzato la Performance di Bitcoin Dopo il Taglio dei Tassi?

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.

Stato Legislativo e Prospettive del Senato

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.

Attriti Politici e Proposte Senatoriali in Competizione

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.

In particolare, i Democratici hanno mostrato supporto per gran parte della struttura della Legge CLARITY. Tuttavia, ritengono che manchi in aspetti cruciali tra cui stabilità, integrità del mercato e sicurezza nazionale. Vogliono anche una sezione che si concentri specificamente sulla condotta politica riguardo a questi asset.

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.

Abbracciare le Nuove Tecnologie

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.

Tokenizzazione Completa

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.

Ci si prevede che questo spostamento verso il digitale migliori le prestazioni, aumenti la trasparenza e fornisca maggiore stabilità. Ispirerà anche più aziende tecnologiche a offrire prodotti innovativi per assistere nella transizione on-chain. La SEC ha dichiarato che prenderà in considerazione ulteriori esenzioni riguardo alle offerte di transizione.

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.

La Legge CLARITY | Conclusione

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.

Cosa ne pensi della Legge CLARITY? Pensi che verrà approvata prima della fine del 2025? Metti like, condividi e faccelo sapere nei commenti. Clicca qui per ulteriori sviluppi sugli asset digitali.