U.S. Senate Banking Committee Releases Discussion Draft of the CLARITY Act, Introducing the Concept of Ancillary Assets

According to a report by Jinse Finance, the U.S. Senate Banking Committee has released a discussion draft of the CLARITY Act (Market Structure Act), introducing the concept of "ancillary assets" to clarify the specific meaning of digital assets and seeking to define how the U.S. Securities and Exchange Commission (SEC) should regulate digital assets. The committee is inviting public comments on the draft before early August. Last week, the House of Representatives voted to pass the CLARITY Act, which still requires Senate approval before being submitted to Trump for signature. The White House's head of crypto policy stated last week that Trump will continue to support the passage of the CLARITY Act, fulfilling his campaign promises to the crypto sector. This week, the Senate Banking Committee clarified its focus: concentrating on the SEC's role in regulating the crypto market. Rashan Colbert, U.S. Policy Director at the Crypto Council for Innovation, noted that the Senate's approach to advancing legislation may differ from the House's process for passing the CLARITY Act, but he expects the Agriculture Committee and the Banking Committee will ultimately coordinate on market structure legislation. Regardless of which bill passes, since 60 votes are required in the Senate, the opinions of Democratic senators will be crucial.