U.S. Senate Agriculture Committee to soon unveil draft of virtual-asset market-structure bill…"Possible release next week"

JH Kim

Summary

The U.S. Senate Agriculture Committee said the soon-to-be-released draft of the CLARITY Act is a bill related to virtual-asset market structure.
The draft reportedly includes provisions clarifying the criteria for the virtual-asset commodities segment and the CFTC's oversight authority.
The industry said it expects the bill to become the foundation of a digital asset regulatory framework.

The U.S. Senate Agriculture Committee is expected to soon release a bipartisan draft of the CLARITY Act, a market-structure bill for virtual assets (cryptocurrencies) that covers the commodities segment.

On the 30th (local time), Crypto in America host Elinor Terrett said, "The Senate Agriculture Committee is expected to release the market-structure draft soon," adding, "The timing of the release is likely tomorrow or next week."

He explained, "This move shows that discussions on market-structure legislation have progressed again following last week's roundtable between the crypto industry and Congress."

The bill is reported to include provisions clarifying the criteria for classifying virtual assets as commodities and the supervisory authority of the Commodity Futures Trading Commission (CFTC). The industry expects the bill to form the basis of a digital asset regulatory framework going forward.