Former Commodity Futures Trading Commission (CFTC) Chair Timothy Massad warned lawmakers that the Digital Asset Market Clarity Act of 2025 (Clarity Act) could create more confusion than clarity while potentially undermining decades of established securities law. In testimony before the House Financial Services Committee, Massad argued that effective digital asset legislation for market structure should follow two simple principles: “do no harm and keep it simple.”
Massad emphasized that any digital asset market structure legislation must not undermine the U.S.’s $120 trillion equity and debt markets, which he described as “the foundation of the U.S. economy and the envy of the world.” He cautioned that “legislation that rewrites the definition of a security or revises the Howey test to promote this technology can easily undermine the markets.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
