Breaking: U.S. Senate Releases Draft Crypto Market Structure Bill

The U.S Senate Banking Committee has released its long-awaited crypto market structure bill, also known as the CLARITY Act. This development comes just days after the GENIUS Act became law. The bill provides a more comprehensive framework for the industry, addressing several key issues, including token classification.

Senate Banking Committee Releases Draft Crypto Market Structure Bill

The U.S Senate Banking Committee, led by Senator Tim Scott, has released the draft CLARITY Act. The bill encompasses all aspects of the crypto industry and offers guidance on how regulators should approach transactions involving digital assets.

Firstly, the draft crypto market structure bill clearly states that digital assets, which it also describes as “ancillary assets,” shall not be a security and that secondary transactions involving them shall not be considered investment transactions. However, a part of the bill also provides instances where digital asset transactions may be investment contracts.

As commodities, digital assets now also fall under the purview of the Commodity Futures Trading Commission (CFTC), rather than the Securities and Exchange Commission (SEC). Furthermore, the bill also addresses issues such as banking, disclosures, and anti-money laundering guidelines, just as the Senate Banking Committee outlined in the CLARITY Act principles it released earlier.

The crypto market structure draft release comes just days after Donald Trump signed the GENIUS Act into law. As Coinbase CEO Brian Armstrong revealed, the White House has given Congress a September deadline also to pass the CLARITY Act, likely joining the stablecoin bill as the second major crypto law.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.

Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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