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CLARITY Act

Nasdaq Files First 21Shares SUI ETF, SEC Review Process Begins

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  • SEC review begins as Nasdaq files 21Shares’ spot SUI ETF form
  • SUI stablecoin volume surged past $110B in May 2025 alone
  • 21Shares SUI ETF avoids staking, forks, and airdrop exposure

Nasdaq has officially published the 19b-4 form for the 21Shares SUI ETF to the SEC’s public register. This application starts the formal review process of the first U.S-based spot ETF tied to the SUI token. This comes after a previous 21Shares’ S-1 registration and indicates a growing trend of regulated crypto investment products.

21Shares SUI ETF Structure

21Shares seeks to launch a SUI ETF to track the CME CF Sui Dollar Reference Rate. The fund will offer passive exposure to the SUI token without using leveraged or yield-generating strategies. Instead, it will have a transparent structure through daily NAV calculations for fair valuation.

BitGo and Coinbase Custody will store the SUI tokens on behalf of the Trust. The ETF will not include staking, airdrops or token forks in its valuation. The shares will be in fixed blocks of 10,000, so as to provide stability in operations and minimum market disruption.

The product will offer institutional-quality access to the native asset of the Sui blockchain. The Trust will transact only in cash with the authorized participants to reduce risks. The transfer and conversion of tokens will be done through fund administrators on behalf of investors.

Institutional Interest in Sui Network

The Sui network has drawn a lot of interest from financial institutions and developers since its mainnet launch in 2023. The global assets under management of SUI-based investment products have surpassed $300 million. 21Shares has seen increased inflows across its Sui ETPs listed on Euronext Paris and Amsterdam.

Canary Capital, VanEck, and Franklin Templeton have initiated programs associated with the Sui blockchain. Grayscale and Ant Financial have either launched or explored other products linked to Sui in the last three quarters. These advancements show the increased interest in the network due to real-world uses and institutional integration.

Sui Network Market Success

The architecture of Sui enables fast and cheap transactions and powers applications related to DeFi, gaming and tokenization of assets. It’s unique model boosts scalability which has led to robust ecosystem growth. In May 2025, the volume of stablecoin transfers on Sui exceeded $110 billion.

The network ranks eighth in total value locked, with a stablecoin market cap of more than $1.1 billion. The stablecoin transactions on Sui has exceeded 190%  year-to-date, boosting confidence in its infrastructure. This performance strengthens demands for wider integration of financial products.

Digital Asset Regulation Gains Momentum in U.S

Meanwhile, U.S legislators have advanced the Digital Asset Market Clarity Act to clarify regulatory jurisdictions. The bill has cleared the House Agriculture Committee in a wide bipartisan vote and is now with the Financial Services Committee. It aims to separate the roles of SEC and CFTC as well as protect developers and non-custodial platforms.

Crypto Leaders Slam ‘Gensler-Era’ Clause in High-Stakes CLARITY Act

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  • Crypto firms reject removal of past token exemptions in new draft
  • Stakeholders say provision tied to Gensler’s past SEC enforcement style
  • Congress aims to pass CLARITY Act before August deadline

Crypto stakeholders slammed a controversial provision in the CLARITY Act hours before a House markup. The section under dispute seems to reflect previous SEC administration’s policies, which created concerns about classification of tokens. Industry leaders claim the measure conflicts the Act’s main goal of clear digital asset regulation.

Stakeholders Criticize Gensler-era clause in Clarity Act

Under the new CLARITY Act, a section removes tokens protections issued before its enactment. It requires all securities to be treated the same rather than a case-by-case review which denies the SEC classification powers. Market participants have expressed concerns about the change that it could lead to more unclear regulations.

They claim this approach diminishes goals to establish clear token classification and regulatory duties. Furthermore, there are comparisons between this section and the William Hinman speech that excluded ETH from security status. The speech was major reference in the legal battles for Ripple and its XRP token.

CLARITY Act Passes First Markup

The House Financial Services and Agriculture Committees has passed the CLARITY Act in the first markup in Washington, D.C. Members of Congress hope to finalize digital asset legislation and meet President Trump’s August deadline for crypto regulatory reform. This bipartisan action takes place after last year’s FIT21 and tries to reform digital assets regulation in the U.S.

The new proposal outlines SEC and CFTC jurisdictions as well as the transition of digital assets from securities to commodities. The new rules have sparked mixed opinions in the crypto sector because of provisions similar to the SEC policies under Gary Gensler. The latest version has also removed several exemptions that previously benefited innovators.

Although the bill has been criticized, the Blockchain Regulatory Certainty Act (BRCA) has received a lot of support. Eight blockchain firms like Uniswap, support BRCA to protect developers of non-custodial blockchain software. It ensures the developers are not subjected to financial rules tied to intermediaries.

SEC Changes Regulatory Tact

Paul Atkins, the SEC chair, has endorsed decentralized finance and crypto self-custody rights. He stated that the SEC is drafting conditional exemptions for DeFi platforms to make it easier for them to meet compliance needs. The efforts show a shift in direction from previous enforcement strategies.

Stakeholders insist that clear legislation should explain the SEC’s duties, ensure self-custody of assets, support DeFi and tackle centralized trading. They claim that uncertainty could lead companies to move their innovation to countries with clearer regulations. Therefore, they want Congress to avoid provisions that reflect outdated enforcement practices.

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Crypto Alliance Demands Bold Action: Add BRCA to Clarity Bill Now

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  • BRCA aims to shield non-custodial developers from regulations
  • Eight crypto groups urge Congress to adopt pro-DeFi amendment
  • Lawmakers seek to exclude open-source coders from money laws

A coalition of eight crypto policy groups has asked Congress to include the Blockchain Regulatory Certainty Act (BRCA) in the Digital Asset Market Structure Bill. The groups believe that the amendment will provide clear regulations to developers and infrastructure providers in the blockchain sector.  They believe this will secure innovation and guarantee that non-custodial actors in DeFi remain legally protected.

BRCA Protects Blockchain Developers

The act seeks to shield blockchain developers and service providers from financial regulations for custodial businesses. The groups stress that those who create non-custodial software should not be treated the same as traditional banks and financial institutions. They believe that those standards would hold back innovation and slow open-source development.

The group includes DeFi Education Fund, Coin Center, Paradigm, Solana Policy Institute, Blockchain Association, Digital Chamber, Crypto Council for Innovation, and Bitcoin Policy Institute. In a statement, the group asked lawmakers to prioritize the protection of developers who do not control customer funds. Their main aim is to ensure that decentralized platforms are not affected by money transmission laws.

Rep. Tom Emmer introduced BRCA and Rep. Ritchie Torres has supported it and the bill has gained bipartisan support in Congress. The bill seeks to make it clear that custodial entities are different from those who offer open-source software tools. Those supporters of the bill say the current laws expose developers and startups to unnecessary dangers.

BRCA Promote Crypto Innovation

Most developers in the decentralized finance sector publish code that offers blockchain-based financial services, but do not interact with users’ assets. Therefore, the groups contend that such developers should be excluded from money transmitter licensing requirements. They claim that without BRCA, there could be legal problems or actions taken against companies.

The coalition states that adding BRCA into the market structure bill would motivate companies. Moreover, they believe this could strengthen the U.S position in blockchain and decentralized finance. In addition, it would lead to a more competitive and secure system for blockchain projects.

CLARITY ACt Gains Momentum

The Market Structure Bill, also known as the CLARITY Act, has drawn a lot of attention across the crypto sector.  According to Stuart Alderoty, Ripple’s Chief Legal Officer, the legislation is what the industry needs as it grows.

Maxine Waters has pointed out that political influence is a concern in creation of crypto laws. She expressed concerns that the bill could follow partisan interests and could have hidden aims. Her statements show that there is still division about how digital assets should be regulated by the federal government.

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CLARITY Act: U.S. Takes Bold Step Toward Digital Asset Regulation

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  • The CLARITY Act aims for clear guidelines in crypto regulation.
  • Ripple’s CLO praises the bill as a win for the entire crypto industry.
  • The bill outlines new compliance standards for digital asset firms.

The introduction of the Digital Asset Market Clarity Act or CLARITY Act will help the U.S. to create clearer rules for digital assets. This bill aims to define the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in digital assets regulation. The main aim is to create a practical system that encourages innovation but also protects consumers. 

CLARITY Act Sweeps Bipartisan Support

Representatives French Hill, Glenn Thompson and Ritchie Torres as well as many lawmakers from both parties have supported the CLARITY Act. They stated that clear rules are needed for both businesses and regulators to lower the uncertainty in the digital asset market. Lawmakers say that clear regulations will create a secure market for investors and companies in the sector.

The supporters claim that the bill will clarify which agency is responsible for different types of digital assets. The bill requires digital asset developers to give clear and complete information about their projects. This requires information about ownership, operations and structure of the company.

New Bill Focuses on Consumer and Investor Protection

The CLARITY Act also outlines new compliance rules for brokers and dealers who interact with customers. The companies must ensure that customer assets are separated, that conflicts of interest are managed and that their operations are open and clear. The rules aims to protect consumers and investors in the market.

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CLARITY Act: U.S. Takes Bold Step Toward Digital Asset Regulation 2

The CLARITY Act sets up a complete registration system for digital asset firms. This system allows businesses to legally work in the U.S. as well as provide consumers services that follow clear and standardized regulations. Lawmakers believe this will attract more businesses to the market which will increase innovation and investment.

Ripple CLO Praises the New Bill

Stuart Alderoty, the Chief Legal Officer at Ripple, stated that the bill could reshape the industry. He said that clear regulations will help companies grow and operate with clear regulations. He pointed out that the bill passage is a win for the entire crypto industry, showing that the U.S. is dedicated to creating clear regulations.

The introduction of the CLARITY Act follows growing momentum in Congress to address crypto market and stablecoin regulation. Meanwhile, lawmakers continue to push to pass the GENIUS Act which aims to regulate stablecoins. If these bills are passed, it could have a big effect on the regulation and use of digital assets in the U.S.