SITUATION EXPLAINED: The CLARITY Act, a bill that sets federal rules for the cryptocurrency industry, just cleared the Senate Banking Committee 15-9, advancing the crypto industry's top legislative priority one step closer to becoming law. "It is a robust regulatory framework for what's called market structure. You can think about the CLARITY Act as doing four core things: 1. It actually creates a robust regulatory framework for intermediaries, think trading platforms, brokers, dealers, custodians that touch digital assets, and it seats that regulatory authority principle of the Commodities Futures Trading Commission, the CFTC. 2. It creates a disclosure framework for people who are launching tokens, and that improves information available in the market and general market quality. 3. It also creates a token taxonomy: what is the security, what is the commodity that helps people launch tokens and allows tokens to actually become more useful. 4. It protects open source developers of non-custodial projects to be able to exercise their rights in developing software without fear of, of government overreach or enforcement actions."