🏛️ Release of a new expanded draft

The Senate Banking Committee, led by Tim Scott and alongside Cynthia Lummis, has presented a new draft of the bill, expanding the Clarity Act with a complete crypto market structure that includes clear definitions of 'ancillary assets', disclosure rules, SEC exemptions, banking use of blockchain, and joint SEC–CFTC regulation on activities such as portfolio margining.

This draft includes a self-certification process for issuers (with 60 days for rejection by the SEC) and includes a comment phase until August 5.

🔧 Next steps in the process

1. Public comments are open until August 5.

2. Then, a formal markup is expected in the Banking Committee, followed by referral to the full Senate.

3. The goal is to complete the process before the autumn recess, possibly before October.

🎯 Relevant implications

  1. The evolution of the draft towards a more detailed version reflects advanced preparation to move to markup.

  2. The comment phase allows for refining the text before its final legislative package.

  3. Clarifying 'ancillary assets' and the self-regulation of issuers can reduce legal uncertainty, encouraging investments.

⚠️ In summary: the process is now advancing to a more mature stage with this draft, and the key will be the comment phase and the next markup. It is a positive step towards its eventual full vote, possibly before the recess.

📈 Effect on the current price of Bitcoin

-Stability at high levels (~$118K–$119K).

-Although no immediate rally is observed, the calm around $BTC suggests that investors are consolidating positions in anticipation of regulation.

-Altcoins, such as $ETH , benefit more from these technical details (for example, token issuance and rules for banks), which may attract some investor interest.

✅ Summary

  1. The draft has reinforced confidence in a regulation that benefits crypto assets, keeping the price of Bitcoin in a high consolidation zone.

  2. A stronger impact is seen on altcoins and stablecoins (USDC), while BTC becomes a store of value within this new regulatory environment.

  3. The pending catalyst is the formal markup and its agenda; if announced soon, it could trigger a new increase in BTC.

#StablecoinLaw #CryptoClarityAct #BTCvsETH