Launchy Regulatory Roundup #39 - US Congress Introduces Bipartisan Digital Assets Bill

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Welcome to our 39th edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

• Headline: US Congress Introduces Bipartisan Digital Assets Bill 📜 

• Global Legal Roundup: Pakistan Bitcoin Plan 🇵🇰 

• Case Study: SEC Staff Says Crypto Staking Isn’t a Security 🔎 

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HEADLINE

US Congress Introduces Bipartisan Digital Assets Bill

State of play: US Representative French Hill and bipartisan colleagues introduced the “Digital Asset Market Clarity Act of 2025” (CLARITY Act), aiming to clarify regulatory oversight of digital assets by defining clear roles for the SEC and CFTC.

• The bill mandates that developers disclose accurate information about their projects.

• The bill emphasizes consumer protection, innovation, and regulatory clarity in the growing US crypto market.

• The bill also requires brokers and dealers to follow strict customer protection rules, including asset segregation and conflict-of-interest mitigation.

• It also sets up registration regimes allowing digital asset firms to operate legally in the US.

• The CLARITY Act follows prior legislative efforts like the FIT21 Act and aligns with broader Congressional focus on crypto market structure and stablecoin regulation.

What’s Next: The CLARITY Act will move through Congress for debate and votes.

Why it Matters: This bill aims to clear up confusion over which agency regulates different types of digital assets, providing legal certainty for developers, firms, and investors.

Our Take: The CLARITY Act represents a practical step toward balanced crypto regulation by defining agency roles and imposing sensible compliance requirements.

GLOBAL LEGAL ROUNDUP

America:

• 🇺🇲 SEC drops lawsuit against crypto giant Binance.

• 🇺🇲 US court freezes $57M USDC allegedly linked to LIBRA scandal.

• 🇺🇲 SEC says REX-Osprey staked SOL and ETH funds may not qualify as ETFs.

• 🇺🇲 NYC Comptroller rejects Mayor Adams’s proposal for BTC-backed bonds.

• 🇺🇲 US government urges court to reject Coinbase user’s crypto records fight.

Europe:

• 🇬🇧 Reform UK party will accept crypto donations.

• 🇬🇧 UK FCA requests public comments on stablecoin, crypto custody.

• 🇨🇿 Czech justice minister resigns over $45M Bitcoin gift from convict.

• 🇷🇺 Russia allows banks to offer crypto products to accredited investors.

APAC:

• 🇵🇰 Pakistan announces Bitcoin strategic reserve.

• 🇵🇰 IMF raises concern over Pakistan’s Bitcoin mining power plan.

• 🇰🇿 Kazakhstan to launch crypto pilot zone for payments and adoption.

• 🇹🇭 Thailand to block Bybit, OKX and other crypto exchanges on June 28.

CASE STUDY

SEC Staff Says Crypto Staking Isn’t a Security

State of play: The SEC’s Division of Corporation Finance clarified that typical staking on proof-of-stake blockchains isn’t a securities offering and doesn’t require registration.

• They view staking rewards as compensation for node services, not investment profits.

• Custodial staking and related administrative services also aren’t securities.

• However, the guidance has no legal force and excludes some staking types like liquid staking.

• Hester Peirce praised the clarity this provides.

• Meanwhile, Caroline Crenshaw criticized it for ignoring established securities law and precedent.

Our Take: The disagreement within the SEC shows ongoing uncertainty in crypto regulation. Without formal rulemaking or legal backing, some staking activities remain in a gray area, leaving the industry needing clearer, consistent rules to fully thrive.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our comprehensive database of crypto regulations around the world👇

NOTEWORTHY READS & MEME

• Robert Armstrong’s article on stablecoins = bank deposits.

• Jake Chervinsky’s thread on stablecoin legislation and market structure.

• Nick Neuman’s thread on The Blockchain Regulatory Certainty Act (BRCA).

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.