Republican leaders in the U.S. Senate Banking Committee just released a draft bill on the structure of the digital asset market, showing an effort to coordinate with a similar bill that has been passed by the House.
A notice released last Tuesday stated that four Republican senators – including Banking Committee Chairman Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis – introduced a discussion draft of the cryptocurrency market bill.
According to lawmakers, the bill tentatively called the Responsible Financial Innovation Act is built upon the CLARITY Act, which was passed by the House on July 17.
"We – the lawmakers in both the House and Senate – are all aiming for a common goal: to establish clear rules for the digital asset market," emphasized Tim Scott.
Last week, the Republican faction in the House successfully pushed three cryptocurrency bills with bipartisan support. However, only the GENIUS Act – aimed at establishing a national innovation framework for U.S. stablecoins – was passed by both chambers and signed into law by President Donald Trump.
Mr. Scott and Ms. Lummis stated in June that they expect the Senate to approve the market structure bill before October.
Comparing the two bills from the Senate and House
Both the House and Senate versions propose amendments to the disclosure requirements in the Securities Act of 1933, indicating that the current law is not adequately suited to manage modern investment vehicles such as digital assets.
The CLARITY Act appears to facilitate more effective coordination between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in establishing a regulatory framework for digital asset trading.
The Senate draft also proposes amendments related to the disclosure of information about "ancillary assets" – that is, digital assets that are not classified as securities.
"By receiving support from both parties, the advancement of the CLARITY Act to the Senate shows an increasing momentum toward comprehensive cryptocurrency policy, as well as a growing consensus on the need to establish clear market rules – although full passage may take more time as Congress enters the summer recess," shared Liat Shetre – Global Policy Vice President at Elliptic – with Cointelegraph.
It remains unclear whether the Senate draft has enough support to pass, in the context of Republicans holding a slim majority over Democrats in this legislative body.
More than 70 Democratic lawmakers in the House have teamed up with Republicans to pass the CLARITY Act. However, any adjustments to the language in the bill could lead to controversy or face opposition in the politically tense context of Congress.