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ARTICLE · 23 JULY 2025

Overview And Analysis Of The CLARITY Act

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This bulletin summarizes the key provisions of the Digital Asset Market Clarity Act of 2025 (the "CLARITY Act"), a U.S. federal bill that establishes a comprehensive regulatory framework for the classification, offering, trading, and supervision of digital assets.

CanadaFinance and Banking
Jerry Zi Yi Huang
Jerry Zi Yi Huang
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I. Introduction

This bulletin summarizes the key provisions of the Digital Asset Market Clarity Act of 2025 (the "CLARITY Act"), a U.S. federal bill that establishes a comprehensive regulatory framework for the classification, offering, trading, and supervision of digital assets. The CLARITY Act seeks to define clear lines of jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), mandate robust compliance standards for digital asset trading platforms, and provide legal certainty to developers and investors alike.

The bill was advanced during the U.S. House's "Crypto Week," held from July 14 to 18, 2025, a coordinated legislative initiative that also featured the GENIUS Act and the CBDC Anti-Surveillance Act. This bulletin complements our previous analysis of the GENIUS Act, which focused on the regulation of stablecoin issuance. Together, these bills represent a maturing bipartisan consensus on U.S.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

© McMillan LLP 2025

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