Regulation
Senate Republicans Release Updated Digital Asset Market Clarity Act Draft
Senator Cynthia Lummis released a 616-page merged Senate draft addressing SEC and CFTC jurisdiction, protections for non-custodial software developers, illicit finance, stablecoin rewards and ethics restrictions for federal officials.
AS1 News
USenator Cynthia Lummis released an updated, merged Senate draft of the Digital Asset Market Clarity Act on July 22, marking a significant step in efforts to establish a comprehensive U.S. regulatory framework for digital assets.
The 616-page proposal addresses how jurisdiction over crypto markets would be divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It also covers non-custodial software developers, illicit-finance provisions, stablecoin rewards and ethics restrictions for federal officials.
The draft matters because its provisions could materially reshape oversight of crypto exchanges, tokens, decentralized-finance developers and other market intermediaries. A clearer division of authority between the SEC and CFTC could affect how digital-asset businesses and products are regulated in the United States.
The confirmed development is the release of the updated legislative text. The bill’s final language, prospects for passage and eventual regulatory effects remain uncertain because the proposal is still a draft and has not become law.
The draft advances U.S. crypto market-structure legislation and could alter regulatory jurisdiction and compliance obligations for exchanges, token markets, DeFi developers and intermediaries if enacted.