Just published:The CLARITY Act’s “Known Unknowns” — Part I: The Fault Lines

The U.S. finally has a full crypto market-structure bill on the table. What it doesn’t have yet is certainty.

This issue maps where the CLARITY Act draws real legal boundaries — and where discretion, rulemaking, and enforcement still decide outcomes. Not a summary. Not a verdict. A guide to the fault lines as Senate markup begins.

What’s inside:

• What the bill actually does (in plain terms)

• How authority is split between SEC and CFTC

• What changes operationally for exchanges, brokers, custodians, issuers, and builders

• The six places where markets still have to guess

Part II will walk the statute section by section, tracking amendments, rulemaking hooks, and enforcement risk as this moves through Congress.

Crypto regulation has moved from intent to implementation. This is where the uncertainty lives.

👉 Read Part I here.