While the CLARITY Act passed the US House of Representatives eons ago, the legislation has been parked in the Senate as policymakers hash out their version of the digital asset market infrastructure bill. Yesterday, the Senate Agriculture Committee posted a bipartisan “discussion draft” of the crypto legislation, which may help push the ball forward as we near the end of the year.
Unlike the GENIUS Act, the stablecoin legislation, which is pretty simple in comparison and is now law, crypto market infrastructure is complicated, as it touches various aspects of securities and commodity rules in interesting ways. The gist of the bill is to outline who regulates what and when a digital asset is a security, commodity, or something else. The semantics are not necessarily easy to define.
Importantly, this bill will help define the global market for digital assets, as the US is the epicenter of financial services and can drive regulations and treatment worldwide.
Below is the draft bill, which is more of a flagpole effort. Run it up and see how people react. Still, many digital asset insiders believe that Congress will approve legislation before the end of the year.
