Last month in New York, Rob Goldstein, the COO of BlackRock told me something surprisingly simple: “The biggest problem in crypto today is not technology. It is legal uncertainty.” That observation came up repeatedly in conversations with investment firms, lawyers, exchanges, and policy advisors across the United States. Everyone was talking about the CLARITY Act.

The proposed U.S. Digital Asset Market Clarity Act is a formal market structure framework, with defined rules around custody, customer asset segregation, exchange registration, anti-money laundering obligations, and conflict-of-interest controls. The bill already passed the U.S. House of Representatives with bipartisan support in July 2025 and recently cleared the Senate…