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The <em>CLARITY Act</em> is expected to release the draft proposal this week, followed by a hearing and vote next week.
BlockBeats News, December 10th, New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis introduced the direction in which the U.S. Congress will move towards comprehensive regulation of the cryptocurrency industry at the Blockchain Association Policy Summit held in Washington, D.C. Cynthia Lummis stated that the goal is to release the draft of the "CLARITY Act" (Market Structure Act) by the end of this weekend and hold a hearing next week to amend and vote on the bill. Both Democrats and Republicans are engaging in ongoing negotiations, with the first bipartisan meeting held last week progressing very smoothly. "There is nothing hindering this bill."
For years, the U.S. Congress has been attempting to advance a broader cryptocurrency market structure bill, but progress has been slow. This summer, the House of Representatives passed its version of the "Digital Asset Market Structure Clarification Act" in July, bringing new momentum to the legislation. The Senate has since begun to advance similar legislation. The Senate Banking Committee already has a draft that clearly outlines the regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and introduces a new term "ancillary assets" to clarify which cryptocurrencies are not securities. Meanwhile, the Senate Agriculture Committee released its draft last month, aiming to give the CFTC more new powers.
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