FIRST ON FOX: Senate banking leaders released an initial discussion draft for digital asset market structure legislation that would reshape the cryptocurrency industry when the bill is formally introduced.
The move, led by GOP senators Tim Scott, R-South Carolina, Cynthia Lummis, R-Wyoming, Bill Hagerty, R-Texas, and Bernie Moreno, R-Ohio, is a major step in advancing President Trump’s campaign promise of making America the “crypto capital of the planet.”
“My colleagues and I in the House and Senate share the same goal: to provide clear rules of the road for digital assets that protect investors, foster innovation, and keep the future of digital finance anchored in America,” Senate Banking Committee Chairman Tim Scott told Fox News Digital.
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“I’m grateful for the hard work of our House counterparts to craft smart, bipartisan legislation, and I look forward to building on their work here in the Senate. Working with President Trump, we can deliver a comprehensive, bipartisan regulatory framework for digital assets,” Scott added.
The Senate now picks up where the House of Representatives left off after passing a series of crypto-related bills last week, one being the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS), which President Donald Trump signed into law last Friday.
The House also passed the Digital Asset Market Clarity (CLARITY) Act in a 294-134 bipartisan vote. The bill will serve as the framework for the Senate version, likely to be introduced soon after the discussion draft helps build out the full legislative text.
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Senate banking leaders are also issuing a Request for Information (RFI) for stakeholders and industry leaders to give their input as to how to best craft the bill.
Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis also weighed in on the discussion draft, telling Fox News Digital that “the time for regulatory uncertainty in the digital asset space has come to an end.”
“This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections,” Lummis explained. “Market structure legislation will establish clear distinctions between digital asset securities and commodities, modernize our regulatory framework, and position the United States as the global leader in digital asset innovation.”
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The discussion draft will serve to open the conversation surrounding digital asset market structure through several key components, such as defining ancillary assets, creating disclosure requirements, requiring the Securities and Exchange Commission (SEC) to promulgate new rules, modernizing securities regulations, and preventing illicit finance.
The main goals of market structure legislation are to establish an even playing field for digital asset traders, drive US innovation in the sector, and offer consumer protection for the trillions in crypto market capitalization.
Bitcoin hit an all-time high of $122,838 last Monday, days before the House passed the crypto legislation and just over a week before the introduction of this Senate discussion draft.
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