The CLARITY Act (H.R. 3633), introduced by Chairman French Hill on May 29, 2025, establishes a regulatory framework for digital assets by allocating responsibilities between the CFTC and the SEC. The CFTC would receive exclusive jurisdiction over digital commodity spot transactions, while the SEC would retain anti-fraud and anti-manipulation authority over permitted payment stablecoins and digital commodity transactions. The bill addresses registration, custody, and recordkeeping, but does not resolve the operational challenges facing capital markets firms. According to an AutoRek survey of 250 senior leaders in the United States and the United Kingdom, 85% of respondents expected scalability strain, 59% of firms working with digital assets reported disproportionate operational complexity, and 41% identified data integration as their top operational challenge.
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