The U.S. Senate Banking Committee clarifies seven misconceptions about the Clarity Act: it does not deviate from securities laws and emphasizes the boundaries of investor protection and regulation.

The U.S. Senate Banking Committee published an article interpreting and clarifying seven misconceptions about the Clarity Act, including: 1. It does not deviate from existing securities laws but is based on mature securities law principles, clearly defining which digital assets are securities and which are commodities. 2. The act is essentially an investor protection bill, aiming to prevent a repeat of FTX-style risk events by clearly defining rules to combat fraud, manipulation, and abuse. 3. By clearly defining the regulatory authority of the SEC and CFTC and establishing a joint advisory committee to coordinate rules, it fills regulatory gaps and introduces targeted anti-circumvention provisions to reduce arbitrage opportunities. 4. It requires key intermediaries to fulfill anti-money laundering and counter-terrorism financing obligations and strengthens sanctions compliance and the Treasury Department's enforcement authority. 5. It does not allow DeFi to become a channel for illicit funds, emphasizing "precise targeting of illicit activities," requiring centralized intermediaries interacting with DeFi protocols to implement risk management standards, and developing specific rules for intermediaries that are not truly decentralized to protect the code and innovation itself. 6. Clearly protect the self-management rights of software developers and users, and do not regard developers who do not control user funds but only release or maintain code as financial intermediaries, while retaining the regulatory authorities' ability to intervene in real risks. 7. The core objective is to strengthen national security, protect investors, and promote compliant innovation under clear rules, rather than "tailor-made" for specific industries.