#CLARITY法案推进受阻

The CLARITY Act Faces Obstacles: Regulatory Battles and Industry Dilemmas

The CLARITY Act (aimed at clarifying the regulatory framework for digital assets) has recently encountered setbacks in Congress, reflecting the deep legislative challenges in U.S. cryptocurrency policy. The bill attempts to delineate jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing compliance pathways for crypto projects, but interests among parties are difficult to reconcile.

The main reasons for the setbacks are threefold: first, the power struggle between regulatory agencies—SEC claims most tokens are securities, while CFTC leans toward classifying them as commodities; the compromise proposals in the bill have failed to satisfy both sides; second, the ideological divide between Democrats and Republicans over investor protection versus innovation incentives, with some lawmakers worried that the bill could weaken anti-fraud enforcement; third, traditional financial lobbying groups are exerting covert pressure, fearing that clear rules could accelerate the mainstream adoption of digital assets and disrupt existing market structures.

The consequences of the stalled progress should not be underestimated: crypto companies continue to face a “regulatory vacuum,” compliance costs are rising sharply, and some projects are forced offshore; the U.S. falls behind in the institutional competition for digital assets compared to the EU (MiCA framework) and Singapore. In the short term, legislative deadlock may be broken by court rulings or administrative orders, but a fundamental solution still requires Congress to bridge the divides. This case also serves as a warning: when technological innovation outpaces legislative processes, how to avoid “one-size-fits-all” or inaction in regulation remains a common governance challenge for countries.