U.S. Senate to overhaul crypto market structure? What’s coming up next

Key Points

1. The draft builds on the CLARITY Act, refining key terms and defining the scope of authority for U.S. regulatory agencies.

2. It introduces a rights-based approach to classify digital assets, determining whether they fall under SEC or CFTC oversight.

3. Projects can self-certify assets as ancillary, but the SEC has 60 days to dispute the classification.

4. The Senate Banking Committee is collecting feedback on the discussion draft before finalizing it.

5. The CLARITY Act passed the House with bipartisan support but faced opposition from groups like Americans for Financial Reform (AFR).