White House Confirms January Markup for Crypto Market Structure Bill
The long-awaited CLARITY Act, a pivotal piece of legislation aimed at defining regulatory oversight for cryptocurrency markets, is advancing toward passage. David Sacks, the White House's AI and crypto czar, revealed that Senate Banking Committee Chair Tim Scott has scheduled a markup session for January. The bill's framework categorizes digital assets into three distinct classes: CFTC-regulated commodities, SEC-governed investment contracts, and permitted stablecoins.
Regulatory clarity remains the cornerstone of the CLARITY Act. It mandates exchange registration, establishes stringent custody requirements for Qualified Digital Asset Custodians (QDACs), and enforces AML/KYC protocols. Political gridlock and government shutdowns have delayed progress, but bipartisan negotiations continue. Democrats are pushing for tighter controls, while Republicans advocate for industry-friendly provisions.
