Advocates Urge Passage of the CLARITY Act to Establish Comprehensive Blockchain Rules

Advocates Urge Passage of the CLARITY Act to Establish Comprehensive Blockchain Rules Following the enactment of the GENIUS Act for stablecoins, proponents argue Congress must pass the CLARITY Act to establish a clear federal framework for the broader blockchain infrastructure supporting digital assets. The GENIUS Act established reserves and issuer rules for stablecoins, a market that has expanded to roughly $315 billion with over $100 trillion in 12-month transaction volume tracked by Visa. While stablecoins represent under 15% of the crypto market capitalization, the remaining 85% of foundational blockchain networks still operate without a coherent federal framework. The CLARITY Act introduces oversight standards—including asset segregation, proper custody, and disclosures—to safeguard consumers and facilitate traditional finance integration. Precedent Set by the GENIUS Act The GENIUS Act demonstrated that statutory clarity can accelerate market development. By implementing reserve requirements and an issuer framework, it removed regulatory uncertainty for stablecoins. Following its enactment, the stablecoin market reached approximately $315 billion, with venture investment in crypto startups rising to over $13 billion in the second half of 2025, compared to $6.9 billion in the first half. Addressing Foundational Infrastructure with CLARITY Stablecoins rely on base blockchain networks that constitute 85% of the digital asset market by capitalization. The CLARITY Act addresses this infrastructure gap by clarifying regulatory jurisdictions across digital asset markets. Drawing on lessons from the collapse of FTX, the legislation empowers regulators to apply standard financial principles to intermediaries, including mandatory segregation of customer assets, strict custody rules, and full disclosure. Institutional Adoption and U.S. Competitiveness Traditional financial institutions are already engaging with blockchain systems, including BlackRock's tokenized funds, JPMorgan's payment networks, and DTCC's preparations to scale tokenized securities via the Canton Network. Proponents argue that despite the compromises inherent in bipartisan negotiations, passing the CLARITY Act is essential to establishing baseline consumer protections and keeping financial innovation within the United States.

a16z呼吁美国国会通过《CLARITY法案》以完善区块链监管框架 a16z发文呼吁美国国会通过《CLARITY法案》。文章指出，《GENIUS法案》对稳定币的规范已证明良性监管能推动市场增长与美元主导权，但稳定币仅占加密市场不足15%，亟需通过《CLARITY法案》为底层区块链网络提供清晰的联邦框架，保护消费者并巩固美国在未来金融基础设施中的领导地位。 《GENIUS法案》出台后，稳定币市值达约3150亿美元，年增超50%，过去12个月Visa统计的处理交易量达100万亿美元。 稳定币市值不足加密市场的15%，其余85%的底层区块链网络仍缺乏统一的联邦监管框架。 《CLARITY法案》通过明确中介机构托管、资产隔离和完全披露等传统金融监管原则，防止类似FTX事件重演。 2025年下半年（《GENIUS法案》签署后），加密初创企业投资额超130亿美元，较当年上半年的6.9亿美元接近翻倍。 稳定币立法带来的增长示范 《GENIUS法案》通过确立准备金要求和发行方框架，消除了监管不确定性。传统跨境转账成本高且耗时长，而稳定币使跨国转账成本降至数分钱并实现数秒结算。目前稳定币市场规模达约3150亿美元，过去一年处理交易量达100万亿美元。包括摩根大通、花旗、Visa、万事达和贝莱德等机构正深入布局，全球数百万缺乏传统银行账户的用户也得以通过软件钱包使用数字美元。 底层网络监管盲区与CLARITY法案 稳定币仅占加密货币总市值的不足15%，其依赖的85%底层网络仍处于联邦监管缺失状态，这相当于仅监管智能手机而忽略蜂窝网络。《CLARITY法案》旨在界定各数字资产市场的监管职责，建立透明度与合规竞争标准。该法案引入传统金融的资产隔离、合规托管和信息披露要求以防范FTX类风险，并为DTCC、贝莱德等传统金融机构提供合规接入路径。 跨党派妥协与美国的规则主导权 在《GENIUS法案》通过后的2025年下半年，加密风投资金从上半年的6.9亿美元跃升至逾130亿美元，预测代币化资产市场未来几年将增长百倍。尽管《CLARITY法案》经历了数月的跨党派谈判与行业妥协且并非完美，但其确立了目前缺失的消费者保护机制。文章强调，技术无论如何都会向前发展，若美国不主动确立规则，创新与金融基础设施的主导权将流失至其他国家。

*By* Every generation gets a chance to upgrade its infrastructure. In the 1990s, it was the internet. Policymakers worried that it would disrupt existing industries and create new risks. But instead of cramming the technology into outdated regulatory boxes, lawmakers established rules that let innovation flourish while protecting consumers. The result was one of the greatest periods of economic growth in American history. Today, we face a similar opportunity with [blockchain networks](https://readwriteown.com/). Stablecoins are making payments faster and cheaper. Tokenization is modernizing capital markets. Both depend on blockchain infrastructure. These technologies will advance with or without Congress. It’s up to the United States whether it will set the standards, or cede that ground to others. The [GENIUS Act](https://a16zcrypto.com/posts/article/stablecoin-law-genius-road-ahead/) showed what well-considered policymaking can achieve. [Stablecoins](https://a16zcrypto.com/posts/article/stablecoins-payments-without-intermediaries/) are digital dollars that move across the internet as easily as bits. Sending $200 from the U.S. to Colombia via traditional rails can cost more than $12 and take days. With stablecoins, the same transfer costs pennies and settles in seconds. Regulatory uncertainty had for years held back [stablecoin adoption](https://a16zcrypto.com/posts/article/stablecoins-whatsapp-moment-money). The GENIUS Act changed this. By establishing reserve requirements and a framework for issuers, it got rid of any confusion and unlocked [growth](https://a16zcrypto.com/posts/article/stablecoin-data-charts). The results speak for themselves. The stablecoin market amounts to [roughly $315 billion](https://defillama.com/stablecoins), up more than 50% from a year ago, with dollar-backed tokens becoming one of the fastest-growing channels for U.S. currency abroad. By Visa’s count, stablecoins processed [$100 trillion in transaction volume](https://visaonchainanalytics.com/transactions) over the last twelve months. Major institutions — including JPMorgan, Citi, Visa, Mastercard, and BlackRock — are drawing deeper into blockchain infrastructure. Crucially also, the dollar is winning. Millions of people worldwide who lack easy access to traditional dollar accounts can now hold and transact in digital dollars through software wallets. Clear rules have helped anchor this new system in U.S. standards and institutions rather than in competing alternatives. GENIUS demonstrated that smart regulation expands markets rather than constricting them. But it addressed only part of the picture. Stablecoins account for less than 15% of the crypto market by [market cap](https://coinmarketcap.com/charts/), yet they depend on the remaining 85% of foundational blockchain networks that still operate without a coherent federal framework. This is equivalent to regulating smartphones while ignoring cellular networks. The [CLARITY Act](https://a16zcrypto.com/posts/article/clarity-act-what-why-matters) rectifies this. At its core, [CLARITY](https://a16zcrypto.com/posts/article/genius-act-clarity-act-crypto-legislation-explained) provides clear rules for blockchain networks and defines regulatory responsibilities across digital asset markets. It creates incentives for transparency, risk reduction, and competition under a common set of standards. It helps prevent the next FTX disaster by empowering regulators to supervise intermediaries with proven principles from traditional finance: proper custody, segregation of customer assets, and full disclosure. And it opens the next wave of institutional adoption. Major firms are already moving. BlackRock has launched tokenized funds. JPMorgan is building blockchain-based payment systems. And DTCC, which holds $114 trillion in assets under custody, is preparing to scale tokenized securities with the Canton Network. CLARITY removes the barriers to entry, giving traditional finance a clear pathway to participate compliantly. This benefits not just the crypto industry, but consumers, investors, and the long-term competitiveness of U.S. capital markets. History shows that open, neutral platforms governed by clear rules create the greatest value. The internet succeeded because entrepreneurs knew the rules of the road. They could build, attract capital, and compete on merit rather than on regulatory guesswork. Blockchain networks deserve the same chance. Regulation versus innovation is a false choice. GENIUS already disproved that: During the second half of 2025 — after GENIUS was signed into law — [more than $13 billion](https://www.galaxy.com/insights/research/crypto-blockchain-venture-capital-q4-2025) flowed into crypto startup investment, nearly double the $6.9B invested pre-GENIUS in the first half of that year. Meanwhile, forecasts project the market for tokenized assets to grow 100x growth over the next few years. The choice is between certainty and uncertainty, America can assert its leadership and build the future here at home or watch it be built elsewhere. No law is perfect, and the CLARITY Act is no different. The reality is that there are no consumer protections on crypto currently. CLARITY puts those in place. As with any bill, no one will get everything they want, but the version released today will move the industry forward. It reflects months of bipartisan negotiations and significant compromises from industry. Whatever its imperfections, the CLARITY Act is significantly better than continuing with no safeguards at all. The decisions Congress makes this year will determine where the next era of financial infrastructure will flourish and who writes its rules. If the CLARITY Act passes, it will let the U.S. lead once again, just as it did with the commercial internet. Failing to act means innovation will migrate elsewhere, under frameworks devised by others. *You’re receiving this newsletter because you signed up for it on our websites, at an event, or elsewhere (you can opt out anytime using the ‘unsubscribe’ link below). This newsletter is provided for informational purposes only, and should NOT be relied upon as legal, business, investment, or tax advice. This newsletter may link to other websites or other information obtained from third-party sources — a16z has not independently verified nor makes any representations about the current or enduring accuracy of such information. Furthermore, the content is not directed at nor intended for use by any investors or prospective investors in any a16z funds. Please see a16z.com/disclosures for additional important details, including link to list of investments*