The US Senate Banking Committee released the full text of the Digital Asset Market Clarity Act (CLARITY), aiming to establish a comprehensive regulatory framework for digital assets. The 278-page draft proposes a "lane system" that assigns regulatory jurisdiction based on the functional lifecycle of a digital asset. Senator Tim Scott emphasized that the legislation aims to protect everyday Americans, crack down on criminals, and keep the future of finance in the United States. Bitwise CIO Matt Hougan suggested that passage of the bill could lead the market to new all-time highs. The Act seeks to bridge the gap between the SEC and CFTC, defining an "ancillary asset" and directing the SEC to oversee crypto projects initially. The CFTC would regulate trading venues.

The US Senate Banking Committee released the full text of the Digital Asset Market Clarity Act (CLARITY), aiming to establish a comprehensive regulatory framework for digital assets. The 278-page draft proposes a "lane system" that assigns regulatory jurisdiction based on the functional lifecycle of a digital asset. Senator Tim Scott emphasized that the legislation aims to protect everyday Americans, crack down on criminals, and keep the future of finance in the United States. Bitwise CIO Matt Hougan suggested that passage of the bill could lead the market to new all-time highs. The Act seeks to bridge the gap between the SEC and CFTC, defining an "ancillary asset" and directing the SEC to oversee crypto projects initially. The CFTC would regulate trading venues.