US Republican Party Maintains ‘Clarity Act by Year-End’ Goal Despite Shutdown [Crypto Briefing]

[Financial News] Despite the US federal government shutdown, the Republican Party (GOP) has reiterated its commitment to passing the Digital Asset Market Clarity Act of 2025 within the year. The Clarity Act, which clearly delineates regulatory authority over the virtual asset market between the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), is drawing attention both domestically and internationally. This is because the legislation could open new business opportunities for blockchain and virtual asset companies.
According to foreign media and industry sources on the 13th, Bryan Steil, a member of the United States House of Representatives from the GOP, stated in a recent interview with Consumer News and Business Channel (CNBC) that, “There is still an opportunity to pass the Clarity Act by the end of the year.” By reaffirming the GOP’s intention to pass the Act within the year, he offered an optimistic outlook.
The Clarity Act, which passed the United States House of Representatives last July, was scheduled for review by the United States Senate Committee on Banking, Housing, and Urban Affairs this month. However, with the shutdown becoming a reality, there is a possibility of delays. If the government shutdown is prolonged, there are concerns that the bill’s passage could be pushed to next year. In this context, Representative Steil noted, “Discussions on the Clarity Act are ongoing in the United States Senate,” adding, “As soon as the shutdown ends, we will immediately begin deliberations, and dialogue between the House and Senate is continuing to ensure swift passage.”
Steil further explained that, with the United States midterm elections coming up in November next year, the goal is to pass the bill within this year if possible. He emphasized, “The Clarity Act will establish a federal framework for the issuance and trading of virtual assets. It will not only protect investors but also provide an opportunity to unleash both human and financial capital in the United States.”
The core of the Clarity Act is to classify virtual assets as digital commodities, security tokens, or authorized stablecoins, granting supervisory authority for each category. In an analysis report, Hyunil Hwang, an attorney at Shin & Kim LLC, stated, “The Clarity Act clarifies the legal definition of digital assets and the jurisdiction of regulatory agencies. Digital commodities without securities characteristics will be overseen by the CFTC, which has relatively lighter regulatory requirements, allowing US digital asset businesses to operate in a clearer and more flexible regulatory environment.”
Additionally, there is anticipation that conditional registration exemptions at the token issuance stage will open new opportunities for blockchain companies both in Korea and abroad. If initial token issuers disclose detailed information in advance, including technical white papers and conflict-of-interest prevention systems, they can issue up to $75 million worth of virtual assets annually from the initial issuance date without SEC registration.
According to blockchain fintech company Suho IO, decentralized networks like Ethereum qualify as 'mature blockchain systems' as defined by the Clarity Act. The Suho IO team explained, “While Vitalik Buterin led the early days of Ethereum, it has now become a decentralized network with tens of thousands of developers worldwide. Virtual assets based on mature blockchain systems like Ethereum may be exempt from certain disclosure requirements under the Clarity Act.”
Experts pointed out that the US movement on the Clarity Act offers implications for Korean regulators as well. Currently, virtual assets are distinguished from securities under the Financial Investment Services and Capital Markets Act (FSCMA), but specific classification criteria and supervisory systems remain insufficient. The Act on the Protection of Virtual Asset Users, implemented last year, focuses on regulating exchanges but lacks a legal definition for the digital asset industry itself.
An official from the virtual asset industry emphasized, “As the US Congress is establishing a clear classification system based on technical requirements, Korea should also define the legal status of digital assets and refine its supervisory framework.”
elikim@fnnews.com Kim Mi-hee Reporter