Advocates Call for Passage of the CLARITY Act to Regulate Blockchain Infrastructure

Advocates Call for Passage of the CLARITY Act to Regulate Blockchain Infrastructure Following the regulatory framework established for stablecoins by the GENIUS Act, advocates are urging Congress to pass the CLARITY Act to extend federal oversight and consumer protections to the foundational blockchain networks that comprise the rest of the crypto market. Stablecoins grew to roughly $315 billion and processed $100 trillion in annual transaction volume following regulatory clarity under the GENIUS Act. While stablecoins represent less than 15% of crypto market capitalization, the remaining 85% of underlying blockchain networks lack a coherent federal framework. The CLARITY Act seeks to establish rules for networks and intermediaries, mandating asset segregation, custody standards, and disclosures to protect consumers. The Impact of Clear Stablecoin Rules The passage of the GENIUS Act established reserve requirements and issuer frameworks, reducing uncertainty and accelerating stablecoin adoption. Stablecoin market capitalization rose over 50% year-over-year to about $315 billion, with Visa tracking $100 trillion in transaction volume over twelve months. Additionally, venture capital investment in crypto startups rose from $6.9 billion in the first half of 2025 to more than $13 billion in the second half after the bill became law. Extending Frameworks to Blockchain Networks Although stablecoins have grown, they rely on foundational blockchain networks that account for over 85% of the crypto market capitalization and currently operate without federal standards. Proponents argue that regulating stablecoins without addressing the underlying networks is incomplete, making broader federal legislation necessary for sustained domestic leadership in financial infrastructure. Provisions and Institutional Impact of the CLARITY Act The CLARITY Act aims to introduce consumer protections and define regulatory oversight across digital asset markets by requiring intermediary supervision, asset segregation, proper custody, and full disclosure. Supporters note that major financial entities like BlackRock, JPMorgan, and DTCC are already developing tokenized funds and blockchain infrastructure, and that formal rules will provide clear legal pathways for traditional institutions while preventing failures seen in unregulated entities.

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》，指出继稳定币立法取得成效后，美国亟须为底层区块链网络建立联邦监管规则，以保障消费者权益并维持金融基础设施的全球竞争力。 GENIUS法案推动稳定币市场规模达约3150亿美元，年交易量达100万亿美元，证明明晰监管能促进市场增长。 稳定币仅占加密市场不足15%，其余85%的底层区块链网络仍缺乏联邦统一框架。 CLARITY法案旨在明确监管职责，引入资产隔离与全面披露等传统金融准则以防范FTX式暴雷，并打通机构入场合规路径。 稳定币立法的成功示范 文章指出，GENIUS法案通过建立储备金要求和发行人框架消除了监管不确定性。目前稳定币市场规模已达约3150亿美元，同比增超50%，过去12个月Visa统计的交易量达100万亿美元，JPMorgan、Citi与BlackRock等机构均在深化布局。2025年下半年法案签署后，加密初创企业投资额从上半年的6.9亿美元增至超130亿美元。 《CLARITY法案》的核心举措与必要性 尽管稳定币快速发展，但其依托的其余85%区块链底层网络仍缺乏连贯的联邦监管，如同只监管智能手机却忽略蜂窝网络。CLARITY法案通过明确各方监管职责，引入资产合规托管、客户资产隔离和全面披露机制，旨在防止FTX类事件重演，并为贝莱德、DTCC等机构规模化代币化资产铺平道路。 推动跨党派立法以确立竞争优势 文章强调，当前加密领域缺乏现成的消费者保护机制，该法案历经数月跨党派谈判与行业妥协，尽管并非完美，但能提供急需的合规确定性。美国若不及时立法确立规则，将面临金融基础设施创新与标准制定权流向海外的风险。

*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*