The CLARITY Act is expected to release its draft this week, with hearings and voting scheduled for next week

New York Democratic Senator Kirsten Gillibrand and Wyoming Republican Senator Cynthia Lummis introduced at the Blockchain Association Policy Summit in Washington, D.C. what direction the U.S. Congress will take in comprehensive regulation of the cryptocurrency industry. Cynthia Lummis stated that the goal is to release the draft of the "CLARITY Act" (Market Structure Bill) before the weekend and hold hearings next week to amend and vote on the bill. Democrats and Republicans are continuing negotiations, with the first bipartisan meeting held last week, making significant progress. "Nothing is standing in the way of this bill."

The U.S. Congress has been trying for years to push for a broader cryptocurrency market structure bill, but progress has been slow. This summer, the House passed its version of the "Digital Asset Market Clarity Act" (referred to as Clarity) in July, bringing new momentum to the legislation. The Senate has since begun to advance similar legislation.

The Senate Banking Committee already has a draft that clearly defines the regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and creates a new term "ancillary assets" to clarify which cryptocurrencies do not fall under securities. Meanwhile, the Senate Agriculture Committee also released its draft last month, proposing to grant the CFTC more new powers.