— Tokens whose value derives from a sufficiently decentralized blockchain qualify as commodities, while tokens sold through investment contracts to fund development qualify as securities. The SEC and CFTC issued joint interpretive guidance on March 17, classifying Bitcoin (CRYPTO: BTC), Ethereum, Solana, XRP, and 12 other crypto assets as digital commodities. Under the bill, exchanges and brokers that handle digital commodities must register with the CFTC.
— The Clarity Act also addresses the $323 billion stablecoin market. Passive yield on stablecoin balances is banned under the bill's current formulation, meaning crypto platforms can no longer offer interest-like returns for holding dollar-backed stablecoins. But the bill includes a compromise that preserves activity-based rewards for stablecoin capital tied to transactions, payments, staking, or liquidity provision.