The framework exempts certain offerings if tokens meet specific criteria: utility function, decentralized governance, or market maturity. This removes filing requirements for qualified projects.
Clarity reduces regulatory risk for founders and exchanges. Bitcoin and Ethereum both surged 8%+ because the proposal signals the SEC is moving toward accommodation rather than enforcement.
Smaller tokens face higher scrutiny. The exemptions likely apply to established L1 blockchains (Ethereum, Solana) and major protocols but not to most new launches or memecoins.
Public comment period typically lasts 60-90 days. Final rules could be published by Q4 2026 or Q1 2027. The Clarity Act passage is expected to accelerate this timeline.
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