[Bitcoin Now] U.S. Senate Unveils CLARITY Act Draft... Amendment Review Set for the 27th

Part of the "Three Major Digital Asset Bills": Regulatory Clarity in Focus
Republican Lawmakers Intensify Bipartisan Discussions
and Final Vote Efforts for Senate Passage

United States Capitol Building. Photo by Yonhap News

U.S. Senators have unveiled a draft of the "Digital Asset Market Structure Bill" (CLARITY Act), which aims to clarify regulations related to digital assets. The Republican lawmakers leading the bill have postponed the amendment and review schedule to the last week of January in an effort to secure final votes and ensure the bill's smooth passage.

According to Reuters and CoinDesk on January 13 (local time), Tim Scott, Chairman of the Senate Banking Committee, released the revised draft through the committee's website on January 12. Previously, the committee announced the principles and an initial draft of the bill in June last year, followed by a second draft in September after holding hearings and discussions.

According to the released draft, the bill focuses on clearly classifying various virtual asset tokens as securities, commodities, or other assets depending on the circumstances, thereby establishing regulatory jurisdiction. In particular, it grants oversight authority over the spot virtual asset market to the Commodity Futures Trading Commission (CFTC), which the industry has preferred. This is seen as a potential shift in the ongoing jurisdictional dispute with the Securities and Exchange Commission (SEC), which has broadly interpreted and regulated virtual assets as securities.

The bill also includes a compromise regarding stablecoins. While it prohibits the payment of interest for mere holding, it allows rewards for specific activities such as payment transfers or participation in loyalty programs. In addition, it requires the CFTC and SEC to jointly mandate disclosure of stablecoin reward structures through common rules.

The digital asset industry has consistently called for clearer market regulations. Without regulatory clarity, it is difficult for institutional investors to access the market through products such as exchange-traded products (ETPs). After the draft was released, the Blockchain Association criticized pressure from the banking sector, while the Chamber of Digital Commerce welcomed the progress in legislative discussions.

However, the Senate Agriculture Committee's amendment and review of the bill, originally scheduled for January 15, has been postponed to January 27. John Boozman, Chairman of the Senate Agriculture Committee, stated that more time is needed to secure bipartisan support, including from the Democratic Party. In fact, the version to be reviewed and voted on will be released on January 21, six days prior. The Agriculture Committee oversees the CFTC, while the Banking Committee oversees the SEC, and both are involved in this bill. Although each committee is conducting its own amendments and reviews, the market expects that the overall legislative process may face further delays.

The CLARITY Act is considered one of three major bills, alongside the "CBDC Anti-Surveillance State Act," which prohibits the Federal Reserve from issuing a central bank digital currency (CBDC), and the "Genius Act," which seeks to bring stablecoins into the regulatory framework. After U.S. President Donald Trump declared during his presidential campaign that he would make the United States the "crypto capital of the world," the Trump administration and Republican lawmakers have been preparing and implementing related legislation.