CLARITY Act grants the Commodity Futures Trading Commission (CFTC) regulatory jurisdiction over majority of crypto activity

Quotes that support claims

The hefty 236-page Clarity Act — likely a starting point for lengthy negotiations between the parties in the House and eventually their Senate counterparts — gives the Commodity Futures Trading Commission "exclusive regulatory jurisdiction over digital commodity cash or spot markets that occur on or with new CFTC registered entities," which represents the bulk of crypto activity according to the current thinking of U.S. regulators.

The new market structure bill is being pushed by Republicans and establishes the Commodity Futures Trading Commission in a leading role, as expected.

Spot trading, brokerage, and custody of digital commodities would move to exclusive Commodity Futures Trading Commission (CFTC) supervision, while the proposal maintains dual oversight for hybrid products that combine securities.

Most, if not all, crypto assets would fall under CFTC jurisdiction as "digital commodities."