"U.S. Senate Republicans Introduce Draft Bill for Digital Asset Market Structure (CLARITY)"

2025-07-23 04:21
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"U.S. Senate Republicans Introduce Draft Bill for Digital Asset Market Structure (CLARITY)"

출처: Block Media

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Republican Senators Unveil Comprehensive Digital Asset Market Structure Bill Inspired by CLARITY Act

Republican senators leading the U.S. Senate Banking Committee have introduced a draft of the Digital Asset Market Structure Bill, building upon the foundational principles established in the CLARITY Act, which was passed by the House earlier this year. This development, reported by Cointelegraph on August 22, marks a significant step in establishing regulatory clarity for the evolving digital asset industry.

On August 18, Senator Tim Scott, Chair of the Senate Banking Committee, joined forces with Senator Cynthia Lummis, Chair of the Senate Subcommittee on Digital Assets, and two other Republican senators to present the draft proposal. Temporarily titled the "Responsible Financial Innovation Act," the legislative effort aims to provide a framework for regulating digital assets and resolving legal ambiguities. The draft heavily incorporates elements from the Digital Asset Market Structure Clarity (CLARITY) Act, which was approved by the House on July 17.

“We are collaborating with our colleagues across both chambers of Congress to set clear and consistent rules for digital assets," Senator Scott shared. This initiative aligns with recent bipartisan efforts in the House, where Republican lawmakers led the passage of three crypto-related bills last week. However, the "U.S. Stablecoin Innovation and Establishment Guidelines Act" (GENIUS Act), signed into law by former President Donald Trump, remains the only crypto-related legislation to secure approval from both the House and Senate thus far. Senators Scott and Lummis are now racing against the clock to advance the market structure bill through the Senate before October.

Comparing Senate and House Versions of Digital Asset Legislation

The digital asset market structure bills proposed in both the Senate and House aim to modernize outdated disclosure requirements under the Securities Act of 1933. Policymakers argue that existing laws fall short of addressing the complexities of digital assets as innovative investment vehicles. The CLARITY Act specifically underscores the necessity of stronger collaboration between agencies, namely the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to establish well-rounded trading regulations for digital assets.

A standout feature in the Senate draft is its focus on redefining disclosure requirements for "ancillary assets," a category that includes digital assets not classified as securities. Addressing this key differentiation, Liat Shetret, Vice President of Global Policy and Regulation at Elliptic, commented, “The Senate's introduction of the CLARITY Act marks growing momentum for a unified cryptocurrency strategy. Although legislative progress may face delays due to the summer recess, there is an undeniable trend toward consensus on the need for robust market structure regulations.”

Navigating Bipartisan Challenges to Secure Senate Approval

Despite the growing support, shepherding the bill through the Senate remains a challenge due to the Republicans' slim majority over Democrats. While the CLARITY Act received support from 70 House Democrats alongside Republican lawmakers during its passage, experts warn that altering the bill's language in the Senate could trigger significant debate and opposition. This underscores the delicate balance senators must strike to achieve bipartisan endorsement.


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