The U.S. Senate Banking Committee has introduced a discussion draft on the "CLARITY Act," proposing the concept of "Covered Assets."

On July 27th, the U.S. Senate Banking Committee introduced a discussion draft titled the "CLARITY Act" (Market Structure Act). This draft proposed the concept of "Digital Asset" in order to clarify the specific meaning of the digital asset concept and seek clarity on how the U.S. Securities and Exchange Commission (SEC) should regulate digital assets. The draft invited public comments by early August. Last week, the House of Representatives voted to pass the "CLARITY Act", and it is still awaiting approval by the Senate and submission to President Trump for signature. The White House Crypto Czar stated last week that Trump would continue to support the passage of the "CLARITY Act" and fulfill his campaign commitment to the crypto space. This week, the Senate Banking Committee clarified its focus on the role of the SEC in crypto market regulation. Rashan Colbert, the U.S. Policy Director of the Crypto Council for Innovation, stated that the legislative process in the Senate may differ from the passage of the "CLARITY Act" in the House. However, he expected that the Agriculture Committee and the Banking Committee would ultimately coordinate on market structure legislation. Regardless of which bill is passed, since the Senate requires 60 votes to approve a bill, the opinions of Democrats are crucial.