US Senator: "Will submit 'Cryptocurrency Market Structure Bill' in August...Hopes for markup in September"

U.S. Senator Cynthia Lummis announced on the 26th (local time) that she plans to submit a draft of the 'Cryptocurrency Market Structure Bill (Clarity Act)' to the Senate this August.

Senator Lummis made this statement while attending the Senate Banking Committee's 'Cryptocurrency Market Structure Bill Discussion' held that day in Washington, DC. She stated, "I hope to proceed with the markup of the (Cryptocurrency Market Structure Bill) in September." Markup refers to the stage in which a congressional committee conducts final deliberations to review a bill before it is referred to the full chamber.

The Cryptocurrency Market Structure Bill, as indicated by the name 'Clarity,' aims to resolve regulatory gaps in cryptocurrency. It is a comprehensive revision of the 'Financial Innovation and Technology for the 21st Century Act (FIT21)' introduced in 2023, and recently passed markups in both the House Financial Services Committee and the Agriculture Committee. The Clarity Act defines cryptocurrencies such as Bitcoin (BTC) as 'Digital Commodities' and specifies that these assets are not considered securities under U.S. securities law.