David Sacks "'Clarity Act' Senate markup in January next year... Legislation nearing completion"

Doohyun Hwang

Summary

"David Sacks said that the 'Clarity Act' will enter markup in the Senate in January next year."
"The bill aims to legally clarify the virtual asset market structure and the criteria for determining securities status in the United States."
"It separates the regulatory jurisdictions of the SEC and the CFTC and strengthens investor protection, while saying it is likely that the legislation will be completed within January."

David Sacks, the White House special assistant for artificial intelligence (AI) and virtual assets policy (czar), said a markup (markup) on the 'Clarity Act' will take place in the Senate in January next year.

Sacks said on the 18th (local time) via X, "I confirmed via calls with Senate Banking Committee Chairman Tim Scott and Senate Agriculture Committee Chairman John Boozman that we will begin the 'Clarity Act' markup in January."

The Clarity Act is a bill aimed at establishing the market structure for virtual assets (cryptocurrencies) that former President Donald Trump emphasized. It is centered on clearly distinguishing regulatory jurisdictions between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Its core is to legally establish criteria for determining the securities status of virtual assets, which had been ambiguous, thereby resolving regulatory uncertainty and at the same time putting in place investor protection measures.

He said, "Thanks to the leadership of House leaders such as Rep. French Hill and Rep. G.T. Thompson, the passage of landmark legislation is closer than ever," and "I hope we can finish the legislative work within January."