Market misreads the SEC’s draft CLARITY crypto-asset framework
The U.S. Securities and Exchange Commission (SEC) has released a draft crypto-asset regulatory framework known as CLARITY, aimed at clarifying how digital assets are assessed as securities. The proposal introduces a new “functional test” to replace the Howey test and sets out compliance obligations for exchanges, issuers and intermediaries. It remains in a public consultation stage, is not yet binding law, and does not name any specific tokens or projects. If adopted, it would affect token issuers and trading platforms operating in the U.S., while it does not change the direct legal status of major listed assets such as BTC and ETH.