The U.S. Senate Banking Committee Advances the CLARITY Act, Focused on the SEC's Role in Cryptocurrency Regulation

[Coin World] According to reports, the U.S. Senate Banking Committee has introduced a discussion draft of the CLARITY Act (Market Structure Act), proposing the concept of "ancillary assets" to clarify the specific meaning of digital assets, and seeking to define how the SEC should regulate digital assets, inviting public comments on the draft before early August. Last week, the House voted to pass the CLARITY Act, which still awaits Senate approval and submission for Trump’s signature. The White House crypto chief stated last week that Trump will continue to support the passage of the CLARITY Act, fulfilling his campaign commitments in the crypto space. This week, the Senate Banking Committee clarified its direction: focusing on the SEC's role in regulating the crypto market. Rashan Colbert, the U.S. Policy Director of the Crypto Council for Innovation, indicated that the Senate's approach to advancing legislation may differ from the House's process in passing the CLARITY Act, but he expects that the Agriculture and Banking Committees will ultimately coordinate on the market structure legislation. Regardless of which bill passes, the Senate needs 60 votes to approve a bill, making the Democrats' opinions crucial.