Clarity Act: US Senate Banking Committee Releases Draft Crypto Market Structure Bill
Highlights
- U.S. Senate Banking Committee released full Clarity Act draft on Tuesday.
- Committee members have until Wednesday to make amendments ahead of markup on Thursday.
- Senators Tim Scott, Cynthia Lummis, and Thom Tillis push to pass the crypto bill.
The U.S. Senate Banking Committee released the full legislative text draft of the crypto market structure bill on Tuesday. This marks a major step toward advancing the Clarity Act ahead of this week’s markup. Traders are responding immediately, with Bitcoin and crypto prices surging today.
CLARITY Act Draft Crypto Bill Released by US Senate Banking Committee
Senate Banking Committee Chairman Tim Scott, Subcommittee on Digital Assets Chair Cynthia Lummis, and Senator Thom Tillis released the crypto market structure bill text on May 12.
The draft will serve as the base text for the committee’s markup of the Clarity Act scheduled for Thursday. Senate committee claims its CLARITY Act version delivers clear crypto rules, protects investors, combats illicit finance, and keeps innovation in America.
The legislative text reflects nearly a year of negotiations with Democrats and input from regulators, law enforcement, financial institutions, innovators, and consumer advocates. It builds on earlier principles released in June last year, followed by discussion drafts in July and September.
As CoinGape reported earlier, the committee members now have a day to make final amendments to the Clarity Act ahead of markup on Thursday.
Senators’ Views on Advancing Crypto Market Structure Bill
Senate Banking Committee Chairman Tim Scott said “This bill reflects serious, good-faith work across the Committee and delivers the certainty, safeguards, and accountability Americans deserve.”
He asserts the Clarity Act draft puts consumers first, combats illicit finance, cracks down on criminals and foreign adversaries, while keeping “the future of finance” in the US. “Now it is time to move forward,” he added.
Senator Lummis highlighted Wyoming’s leadership in digital assets and the bipartisan effort to release the crypto market structure bill draft. She noted that this week’s markup brings the Clarity Act one step closer to passage as President Trump plans to sign the bill into law on July 4.
Senator Thom Tillis looks forward to Congress quickly passing this legislation and sending it to President Trump’s desk soon. He added that the updated CLARITY Act language is a bipartisan compromise on stablecoin yields to provide regulatory certainty after months of negotiations between banks and crypto representatives.
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