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#ETH# Encryption New Order: How the CLARITY Act Defines the Digital Asset Regulatory Framework
Recently, the regulatory landscape for cryptocurrencies in the United States has undergone a series of significant changes. Following the enactment of the "Genius Act" for stablecoin regulation, the anti-central bank digital currency ( CBDC ) bill and the CLARITY Act are also in the legislative process. Unlike the Genius Act, which focuses on stablecoins, the CLARITY Act aims to establish a framework for the fundamental definition and authority allocation of cryptocurrencies, particularly concerning public chains, decentralized finance ( DeFi ), token issuance, and more, while clarifying the responsibilities of the Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading Commission ( CFTC ).
This legislative background can be traced back to the regulatory reforms after the financial crisis in 2008. At that time, in response to the risks in the financial derivatives market, regulatory agencies were dedicated to incorporating it into the existing regulatory framework. Today, the cryptocurrency market, as an emerging "digital asset"