Crypto Landscape: Senate's Response to Clarity Act

The Senate Banking Committee has introduced a draft bill to tackle cryptocurrency market structure, marking a significant step in the legislative process to complement the House's Clarity Act. This development is part of a broader effort to clarify regulatory oversight of digital assets. The proposed legislation introduces the concept of 'ancillary assets' and invites public comment. While the House has advanced its Clarity Act, the Senate's approach differs, focusing on the role of the U.S. Securities and Exchange Commission. The Senate Banking Committee's draft bill is open for public feedback, with dozens of questions posed to inform the legislative process. Industry experts believe the Senate's approach will ultimately need to coordinate with the Agriculture Committee and incorporate Democrat input to move forward.