La Ley CLARITY y el futuro de la regulación estadounidense de criptomonedas: implicaciones para los inversionistas

The U.S. digital asset market stands at a pivotal juncture, with the CLARITY Act (H.R. 3633) emerging as a cornerstone of regulatory clarity. Introduced in May 2025 by Rep. J. French Hill and passed by the House in July, the Act seeks to resolve jurisdictional disputes between the SEC and CFTC by categorizing digital assets into three distinct classes: digital commodities, investment contracts, and permitted payment stablecoins according to the legislation. This legislative effort reflects a bipartisan push to create a coherent framework that balances innovation with investor protection-a critical factor for institutional adoption and market growth.

Regulatory Clarity as a Catalyst for Institutional Adoption

Regulatory ambiguity has long hindered institutional participation in crypto markets. The CLARITY Act addresses this by defining clear boundaries for asset classification. Digital commodities, tied to blockchain functionality, fall under CFTC jurisdiction, while investment contracts remain under SEC oversight as the bill states. This division reduces uncertainty for market participants, enabling institutions to navigate compliance risks with greater confidence.

Evidence of this shift is already visible. In 2025, the implementation of the EU's Markets in Crypto-Assets (MiCA) regulation and the U.S. GENIUS Act for stablecoins spurred a surge in institutional engagement. Financial institutions began offering crypto-based products, including custody solutions and stablecoin issuance, supported by clearer regulatory signals according to Chainalysis. The rise of registered Bitcoin ETFs further exemplifies this trend, with institutional demand growing as compliance frameworks matured according to SSGA. For instance, asset managers now allocate Bitcoin as a strategic hedge against fiat currency risks, a move underpinned by the availability of regulated investment vehicles according to SSGA.

Market Growth and Innovation: The Role of Frameworks

The CLARITY Act's emphasis on structured innovation aligns with broader global trends. Tokenization of real-world assets, such as money market funds and commodities, has accelerated in 2025, driven by supportive regulatory approaches in the U.S., EU, and Singapore according to Chainalysis. This innovation has attracted venture capital investment, which increased by 44% in U.S. crypto companies compared to 2024 according to SVB. Startups and established firms alike have found clearer product-market fit, enabling deeper integration with traditional financial systems.

Moreover, the Act's focus on stablecoin oversight builds on the GENIUS Act, ensuring a cohesive approach to digital asset regulation as per the legislation. This stability is critical for institutional investors, who require predictable frameworks to assess risk and return. For example, the consolidation of crypto firms through mergers and acquisitions-such as Coinbase and Kraken expanding their offerings-has been facilitated by a more mature regulatory environment according to SVB. These developments position the U.S. as a leader in shaping global crypto standards, a strategic advantage for investors.

Challenges and the Path Forward

Despite bipartisan momentum, the CLARITY Act faces hurdles in the Senate. The Senate Banking Committee's Responsible Financial Innovation Act introduces broader definitions of digital commodities and emphasizes caution, creating divergence from the House version as the bill outlines. While Chair Tim Scott has delayed a vote, the urgency for market structure reform remains evident. Investors must monitor these negotiations, as final legislation could reshape jurisdictional boundaries and compliance requirements.

However, the broader trend toward clarity is undeniable. A bipartisan draft from the Senate Agriculture Committee, which grants the CFTC exclusive jurisdiction over spot markets, signals alignment with the House's core objectives as the legislation states. This convergence suggests that even if the CLARITY Act undergoes revisions, its foundational goal-reducing regulatory ambiguity-will likely prevail.

Strategic Implications for Investors

For investors, the CLARITY Act underscores the strategic importance of regulatory clarity in driving market growth. Institutions are increasingly treating digital assets as a core asset class, a shift accelerated by frameworks like the Act. As noted by the Crypto Council for Innovation, clear jurisdictional lines enable firms to innovate without fear of enforcement-driven regulation according to the Council. This environment fosters long-term value creation, particularly for companies positioned to benefit from institutional onboarding, such as custody providers and blockchain infrastructure firms.

Moreover, the Act's potential to resolve SEC-CFTC disputes reduces litigation risks for market participants, a factor that could enhance market liquidity and efficiency as the legislation indicates. For example, the International Swaps and Derivatives Association (ISDA) has highlighted how such clarity could improve cross-border capital flows and trading infrastructure according to ISDA. Investors should prioritize assets and firms that align with these regulatory tailwinds, particularly those leveraging tokenization and stablecoin ecosystems.

Conclusion

The CLARITY Act represents more than a legislative milestone-it is a strategic enabler for the U.S. crypto market. By providing a clear regulatory framework, it addresses the root barriers to institutional adoption and innovation. While Senate negotiations introduce uncertainty, the broader trajectory toward clarity is reinforced by global regulatory trends and growing institutional demand. For investors, the key takeaway is clear: regulatory frameworks that reduce ambiguity and foster innovation will be central to the next phase of crypto market growth. As the CLARITY Act moves through Congress, its final form will shape not only the U.S. market but the global digital asset landscape for years to come.