U.S. Senate Banking Committee Announces Cryptocurrency Market Structure Bill

On July 22, Tim Scott, the Chairman of the U.S. Senate Banking Committee (Republican), along with fellow senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, released a discussion draft of a bill concerning the structure of the cryptocurrency market. This bill builds on the Digital Asset Market Clarity Act (Clarity Act), which passed the House last week with a vote of 294 to 134. Concurrently, they have initiated a Request for Information (RFI) to gather a broad range of opinions from stakeholders. Senator Lummis stated in a release, 'This discussion draft provides the clarity needed by innovators and establishes robust consumer protections...'