Eham Nukaat
Digital Asset Market Clarity Act of 2025 (H.R. 3633) ek U.S. wifaqi bill hai jis ka maqsad digital assets ki classification aur regulation ke liye wazeha qawaed qaem karna hai.
Yeh bill nigrani ko do regulators ke darmiyan taqseem karta hai: Securities and Exchange Commission (SEC) aur Commodity Futures Trading Commission (CFTC), aur yeh taqseem is baat par munhasir hoti hai keh aaya token ko security ke tor par classify kiya gaya hai ya commodity ke tor par.
"Mature blockchain test" ke naam se ek eham feature kuch tokens ko in ke network ke kafi hadd tak decenteralized ho jane par SEC ki nigrani se CFTC ki nigrani ki taraf muntaqil hone ki sahulat de sakta hai.
Haqeeqi tor par decentralized protocols aur non-custodial developers naye qawaed se juzwi tor par mustasna ho sakte hain, lekin centralized exchanges ko nayee registration aur compliance ki zimma dariyon ka samna karna parrta hai.
May 2026 tak, yeh bill U.S. House of Representatives se pass ho chuka hai aur Senate Banking Committee se bhi manzoor ho chuka hai, lekin abi tak Senate floor par mukammal vote hasil nahi hua.
Taaruf
Barson tak, U.S. crypto industry kisi makhsoos regulatory framework ke baghair kaam karti rahi. Do wifaqi regulators, SEC aur CFTC, digital assets par aapas mein milte julte aur kabhi kabhi ek doosre se musabaqati daaway rakhte thay. CLARITY Act ek tajweez karda qanoon hai jo wazeha jurisdictional hudood teh kar ke aur crypto market participants ke liye makhsoos qawaed qaem kar ke is ubham ko hal karne ki koshish karta hai.
CLARITY Act kia hai?
Digital Asset Market Clarity Act of 2025 (H.R. 3633), jo aam tor par CLARITY Act ke naam se jana jata hai, ek tajweez karda U.S. ka wifaqi qanoon hai jo cryptocurrencies aur digital assets ke liye ek Jamiya regulatory framework banane ke liye design kiya gaya hai.
May 2025 mein House Financial Services Committee ke Chairman French Hill aur House Agriculture Committee ke Chairman G.T. Thompson ki taraf se paish kiya gaya, yeh bill 17 July 2025 ko 294 ke muqable mein 134 votes ke bipartisan vote se U.S. House of Representatives se pass hua.
Yeh bill market participants ki ek waseeh range ko cover karta hai, jis mein centralized crypto exchanges, brokers, dealers, aur kuch makhsoos decentralized finance (DeFi) protocols shamil hain. Yeh sarif ke tahaffuz, Anti-Money Laundering (AML) compliance, aur tax reporting ke liye naye qawaed bhi mutarif karwata hai.
Congress ne Yeh Bill Kyun Banaya?
Regulators is baat par mutafiq nahi thay ke kon se assets securities hain (jinhein SEC dekhti hai) aur kon se commodities hain (jinhein CFTC dekhti hai). Is ghair yaqeeni ki keifiyat ne exchanges ke liye kaam karna, projects ke liye funds raise karna, aur institutional sarmayakaron ke liye hissa lena mushkil bana diya.
High-profile qanooni muqdamat, jaisa ke SEC ki janib se kai barre crypto projects ke khilaf dayir kiye janay wale muqadmat, jin mein yeh sawal uthaya gaya ke kia un ke tokens ghair registered securities par mushtamil thay, ne zyada wazeha qawaneen ki zarurat ko numayan kia. Wazahat ki kami ki wajah se, bohat se crypto businesses ne offshore operate karne ka rasta ikhtiyar kia, jis ke bare mein critics ka kehna tha ke is se tezi se barhti hui aalmi market mein U.S. apni musabiqati position kho raha tha.
CLARITY Act ek aisi "rulebook" banane ki koshish hai jo industry ko ek tay shuda qanooni framework ke andar kaam karne, institutional sarmaya raghib karne, aur consumer protections mazboot karne ki sahulat de, aur wo bhi kisi technological innovation ko rokay baghair.
SEC vs. CFTC: Nigrani Kaise Taqseem Ho gi?
CLARITY Act ki bunyadi khasiyat yeh hai ke yeh regulatory ikhtiyar ko SEC aur CFTC ke darmiyan kaise taqseem karta hai. Yeh taqseem is baat par munhasir hai ke digital asset ko kaise classify kiya jata hai.
SEC ki Nigrani mein Aane wale Assets
SEC un digital assets par apna ikhtiyar barqrar rakhegi jo "investment contract assets" ke tor par classify kiye gaye hon. Yeh un tokens ko wasee paimane par cover karta hai jo rawayti securities se milte julte hon, jahan sarmayakaar kisi markazi team ya tanzeem ki koshishon se munafa hasil karne ki umeed rakhte hon.
Yeh framework securities analysis ke liye istemal hone wale arse se qaem Howey Test par mabni hai. In qawaed ke tahet, Initial Coin Offerings (ICOs) aur bohat se centralized token projects ka SEC ke ikhtiyar mein rehna jari rahe ga.
CFTC ki Nigrani mein Aane wale Assets
CFTC ko "digital commodities" par ikhtiyar mile ga. Yeh woh tokens hain jo kaafi hadd tak decentralized networks par operate karte hain aur investment vehicles ke bjaye utilities ki tarah kaam karte hain.
Bitcoin (BTC) aur mumkina tor par Ether (ETH) ko aksar un tokens ki misalon ke tor par paish kiya jata hai jo is framework ke tahet digital commodities ke tor par qualify kar sakte hain. Eham baat yeh hai keh, CFTC ko pehli baar digital commodity ki spot markets par wazeh ikhtiyar mile ga, jo keh is ke mandate ki ek eham tausee hai.
Mature Blockchain Test
CLARITY Act ke sab se zyada zair e behas element mein se ek "mature blockchain test" hai. Yeh mayarat ka ek set hai jise kisi blockchain network ko poora karna lazmi hota hai taa keh is ka native token SEC classification se CFTC classification ki taraf muntaqil ho sakay.
Yeh mayar decentralization par focus karta hai: misal ke tor par, aaya koi single entity ya mutaliqa group token supply ya outstanding voting power ka 20% se zyada control karta hai ya nahi, aaya code open-source hai ya nahi, aur aaya token ki investment se barh kar koi amali afadiyat hai ya nahi. Zyada qaem shuda blockchains ke liye, ek mazeed test yeh taqaza karta hai ke tamam tokens ka kam az kam nisf founding team se bahar rakhwaya jaye.
Isay ek aese startup ki tarah samjhein jahan founders shuruaat mein zyada tar equity apne paas rakhte hain. Waqt ke sath, ownership aur control bohat se shareholders mein phail jata hai aur founders ka asar mutanasib tor par kam hota jata hai. Mature blockchain test crypto networks ke liye isi tarah ka ek transition point zahir karta hai, jahan koi akeli party governance ya token supply par haawi nahi hoti.
CLARITY Act kia kia cover karta hai?
Yeh bill SEC aur CFTC ki taqseem ke ilawa kai eham shobay bhi cover karta hai.
CLARITY Act stablecoins ki provisions ko wussat de kar pichle saal ke GENIUS Act par bana hua hai. GENIUS Act ne shuru mein stablecoin issuers par customer balances par interest pay karne ki pabandi lagayi thi.
CLARITY Act is pabandi ko third-party platforms tak phailate hue ek loophole ka hal karta hai: 11 May 2026 ke Senate draft ke zariye un inamat par pabandi lagayi gayi hai jo passive stablecoin holdings par deposit interest ke "iqtasadi ya amali tor par barabar" hon, lekin trading ya transactions se jure inamat ki abi bhi ijazat hai.
Stablecoin ke qawaed Senate ke muzakrat mein sab se zyada mutanaze shaubon mein se ek hai. Agar nafiz kiya jaye, toh regulators ke paas wazeha tor par yeh define karne ke liye ek saal ka waqt hoga ke kon se activity par mabni inamat ki ijazat hai.
Exchange registration
Digital commodities mein kaam karne wali centralized exchanges, brokers, aur dealers ko pehli baar CFTC ke sath register karna hoga. Is me custodial elements ke sath decentralized exchanges chalane wale platforms bhi shamil hain. Registration inhein bazabta wifaqi nigrani ke tahet lata hai, jis mein customer protection, fair trading practices, aur financial reporting ki zimma dariyan shamil hain.
AML aur KYC Zimma dariyan
Registered exchanges aur intermediaries ko naye Know Your Customer (KYC) taqaze poore karne hon ge, jis mein customer due diligence programs, mashkook sargarmi ki reporting, aur khud mukhtar auditing shamil hain. Yeh taqaze digital asset platforms ko rawayti maliyati idaron ke sath zyada align karte hain.
Tax reporting
Yeh bill tax ke maqasid ke liye "broker" ki tareef ko mazeed barra karta hai, jis ke tehet platforms ko sarifeen aur Internal Revenue Service (IRS) ko Form 1099-DA jari karna ho ga. Is ka matlab hai ke zyada tar crypto transactions khud kar tor par tax authorities ko report ho sakti hain, usi tarah jaise aaj kal stock trades report ki jati hain.
CLARITY Act DeFi ke sath Kaise Pesh Aata hai?
Decentralized protocols ki treatment is bill ke zyada paicheeda pehluon mein se ek hai. CLARITY Act mein ek carve-out shamil hai jise Blockchain Regulatory Certainty Act (BRCA) ke naam se jana jata hai, aur isay bill ke Section 604 mein shamil kia gaya hai.
Yeh provision non-custodial software developers, yani open-source wallets aur protocols ke woh developers jo user funds apne paas nahi rakhte aur inhein yak tarfa tor par move ya freeze nahi kar sakte, ko Bank Secrecy Act ke tahet money transmitters classify hone se bachane ke liye hai.
Amali tor par, is ka matlab yeh ho sakta hai ke haqeeqi tor par decentralized protocols banana wale developers, jis mein smart contracts aur liquidity pools shamil hain, ko centralized exchanges jitni registration aur compliance ki zimma dariyan nahi uthani parrein gi. Taham, "non-custodial" aur "decentralized" ko amali tor par kaise define kiya jaye, yeh khas tor par Senate muzakrat mein abi bhi zair e behas hai.
Kuch makhsoos DeFi sargarmiyan, khas tor par woh jo custodial intermediaries ya user funds par centralized control se mutaliq hon, wo abi bhi compliance ke taqazon ka samna kar sakti hain. Bunyadi test yeh hai ke aaya developer ya provider yak tarfa tor par user assets ko move ya freeze kar sakte hain. SEC aur CFTC dono decentralization se qata nazar tamam digital asset sargarmiyon par anti-fraud aur anti-manipulation ikhtiyar barqrar rakhte hain.
CLARITY Act Crypto Users ko Kaise Mutasir Karta hai?
Crypto ke Roz marrah ke sarifeen ke liye, CLARITY Act ke qanoon banne ki surat mein sab se zyada barah e rast asrat mein yeh shamil ho sakte hain:
Is hawale se wazeha qawaed ke kon si exchanges U.S. mein qanooni tor par kaam kar rahi hain, jis se mumkina tor par moatabar, compliant platforms ki pehchaan karna zyada aasan ho jaye ga.
Mazboot tar consumer protections, jis mein registered exchanges ki taraf se behtar custody mayarat aur disclosure ke taqaze shamil hain.
Zyada jaamay tax reporting, kyun ke wasee 1099-DA qawaed ka matlab hai ke zyada crypto sargarmi khud kar tor par IRS ko report ho sakti hai.
Zyada institutional participation, jo waqt ke sath market liquidity mein bhi izafa kar sakti hai, agarcheh is me aese market dynamics shamil hain jo bunyadi tor par ghair yaqeeni hain.
International context ko zair e ghor lana bhi eham hai. European Union ne MiCA (Markets in Crypto Assets Regulation) ko apne jaamay crypto framework ke tor par mutarif karwaya hai. Agar CLARITY Act pass ho jata hai, toh U.S. aur EU dono ke paas bazabta regulatory structures hon ge, jo global crypto markets ke kaam karne ke tareeqe aur projects ke yeh faisle karne ke andaz ko shakal de sakte hain ke kahan incorporate ya list kiya jaye.
CLARITY Act ka Mojooda Status kia hai?
May 2026 tak, CLARITY Act do barri legislative rukawaton ko paar kar chuka hai lekin yeh abi qanoon nahi bana:
House: 17 July 2025 ko 294 ke muqable mein 134 votes ke bipartisan vote se pass hua.
Senate Banking Committee: 14 May 2026 ko 15 ke muqable mein 9 votes ke bipartisan vote se manzoor hua. Senate Agriculture Committee ne is ke companion version, Digital Commodity Intermediaries Act, 29 January 2026 ko pass kiya.
Agla marhala: Dono Senate committees ke staff Banking aur Agriculture versions ko ek mukammal Senate floor vote ke liye ek unified bill mein mila rahe hain, jahan filibuster se bachne ke liye mumkina tor par 60 votes ki zarurat ho gi.
Kai hal talab masayil floor vote mein takheer ka sabab ban sakte hain. Senator Angela Alsobrooks, jinhon ne committee mein haan mein vote diya, ne kaha hai ke hatmi bill ke liye un ki support ethics provisions ke izafe par munhasir hai. North American Securities Administrators Association (NASAA), jo state securities regulators ki numayandagi karta hai, ne bhi yeh daleel dete hue bazabta tor par bill ki mukhalifat ki hai, keh yeh investor protections ko kamzor kar sakta hai. Stablecoin yield ke qawaed, DeFi ki definitions, aur SEC ke sawabdeedi ikhtiyar par hudood ke hawale se ikhtilafat abi bhi baqi hain.
White House ne bill ke liye support ka ishara diya hai, aur bipartisan momentum mojood hai. Taham, tajziya karon ne khabardar kia hai ke Senate floor ke muzakrat 2026 ke aakhir tak ya is se bhi aage tak ja sakte hain, khas kar jab midterm elections ke waqt legislative calendar tang hota jata hai. Pass hone aur qanooni shakal ikhtiyar karne ke baad, bazabta SEC aur CFTC rule-making processes ke zariye nifaz mein mazeed mahine ya saal lag sakte hain.
FAQ
Kya CLARITY Act qanoon ban chuka hai?
Nahi. May 2026 tak, CLARITY Act (H.R. 3633) U.S. House of Representatives se pass ho chuka hai aur Senate Banking Committee se bhi guzar chuka hai, lekin abi tak na Senate ka mukammal vote hasil hua hai aur na hi presidential signature mile hai. Yeh abi qanoon nahi bana.
"Mature blockchain test" kia hai?
Mature blockchain test mayarat ka ek aesa set hai jo is baat ka taeyun karta hai ke koi blockchain network kab kaafi had tak decentralized samjha jaye ga. Agar kisi token ka network yeh test pass kar le, toh woh token security (SEC ki zair e nigrani) se digital commodity (CFTC ki zair e nigrani) ki taraf shift ho sakta hai.
Eham criteria mein yeh shamil hai ke koi wahid entity ya group token supply ya voting power ka 20% ya is se zyada control na kare, code open-source ho, token ki amali afadiyat ho, aur purani chains ke liye, kam az kam nisf tokens founding team ki makliyat na hon.
Kya CLARITY Act DeFi protocols ko regulate kare ga?
CLARITY Act mein ek carve-out shamil hai (Section 604 mein Blockchain Regulatory Certainty Act ki provision), jis ka maqsad non-custodial developers aur haqeeqi tor par decentralized protocols ko money transmitter classification se mstasna karna hai.
Taham, woh DeFi platforms jo custodial services ke sath rabta rakhte hon ya user assets ko yak tarfa tor par move ya freeze kar sakte hon, unhe abi bhi compliance ke taqazon ka samna karna par sakta hai. Is ka wazeh scope abhi bhi Senate mein zair e behas hai.
Kya CLARITY Act crypto taxes ko mutasir karta hai?
Ji haan. Yeh bill U.S. tax ke maqasid ke liye "broker" ki tarif ko barra karta hai, jis ka matlab hai ke zyada tar platforms ko IRS ke paas Form 1099-DA jama karna aur sarifeen ko copies faraham karna par sakti hain. Is ke zariye tar crypto transactions khud kar tor par tax authorities ko zahir ho jayein gi, usi tarah jaise rawayti brokerage accounts kaam karte hain.
Kia CLARITY Act ka itlaq United States se bahar bhi hota hai?
CLARITY Act U.S. ki wifaqi satah ki qanoon sazi hai aur bunyadi tor par U.S. ke daira e ikhtiyar ke andar mojood entities aur sargarmiyon par laagu hoti hai. Taham, woh non-U.S. exchanges jo U.S. ke customers ko service deti hon ya aese tokens list karti hon jo U.S. markets par trade hote hon, unhe bhi compliance ke hawale se sochna par sakta hai. U.S. se bahar ke sarifeen aam tor par apne muqami qawaed ke paband hote hain.
Ikhtatami Khayalat
CLARITY Act U.S. digital asset market mein regulatory nizam lane ki sab se eham koshishon mein se ek hai.
SEC aur CFTC ke darmiyan wazeha had kheench kar, mature blockchain test mutarif karwa kar, aur DeFi, stablecoins, AML compliance, aur tax reporting ko cover kar ke, yeh bill is baat ko naye siray se tashkeel de sakta hai ke crypto businesses aur sarifeen U.S. ke qanooni nizam ke andar kaise kaam karte hain.
Taham, yeh abi qanoon nahi bana. Senate mein 60 se zyada votes ka taqaza poora karna, House version ke sath mutabqat karna, aur presidential signature hasil karna abhi bhi baqi hai, aur phir us ke baad ek baqaeda rulemaking amal ho ga. Crypto se munsaliq koi bhi shakhs, chahe developer ho, exchange operator ho, ya sarif, usay chahiye ke is ke progress par nazar rakhein aur yeh samajhne ke liye maqool professional advisors se mashwara karein ke koi bhi mustaqbil ka qanoon un ki makhsoos soorat e haal par kaise laagu ho sakta hai.
Mazeed Mutala
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