Summary
The revised U.S. CLARITY Act designs rules for 'non-decentralized' DeFi protocols, shifting focus from the protocol itself to identifiable 'controllers.' The SEC and CFTC would set registration, conduct, disclosure, recordkeeping, and supervisory rules based on the nature of activity, while the Tre…
Key points
- Protocol teams can use this to assess whether their front ends and governance structures might be classified as controllers and fall within registration scope.
- Controller-centric, activity-based regulation will determine which DeFi products must comply and which can remain outside registration.
- If the bill advances, decentralized front ends and governance teams must prepare for SEC and CFTC rulebooks and Treasury AML requirements, raising development costs and legal risk.
Editorial note
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