Summary
- David Sachs, the White House AI and virtual-assets official, met with senators to discuss the virtual-asset market-structure bill.
- The bill includes the distinction of jurisdiction between the SEC and CFTC and a clause exempting certain virtual assets from registration requirements under the Securities Act of 1933.
- It was reported that with the executive branch directly engaging in legislative discussions, the likelihood of the market-structure bill passing has increased.
David Sachs, who oversees the White House's AI and virtual-assets (cryptocurrency) policy, met with senators to discuss passage of the virtual-asset market-structure bill.
On the 6th (local time), according to crypto-focused media WatcherGuru, David Sachs, the White House AI and virtual-assets official, held a meeting with senators and discussed the legislative direction and timeline for advancing the market-structure bill (CLARITY Act).
The bill aims to establish a regulatory framework for the virtual-asset industry as a whole and contains provisions that clearly delineate the jurisdictional authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also includes a provision that exempts virtual assets meeting certain requirements from the registration obligations under the Securities Act of 1933.
The White House is said to be focusing on narrowing differences within the Senate through the talks and on pushing for prompt consideration and a vote on the bill. Market observers say that with the executive branch directly participating in legislative discussions, the likelihood of the market-structure bill passing has increased.
