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Decoding crypto and the markets. Daily, with Byron Gilliam.

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Classified as a market-structure bill, CLARITY is closer to a full operating system for US crypto. At its core is the SEC/CFTC jurisdiction split (ancillary assets vs network tokens), mediated by a decentralization test. The bill also covers disclosure and raise-cap rules for token originators, a safe harbor for staking and NFTs, restrictions on stablecoin yield, explicit self-custody protections, and a sweeping anti-illicit-finance regime that pulls crypto brokers under the Bank Secrecy Act. The result is a framework more investor-protective than its global peers, if it can pass before the August recess.

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