Crypto Market Structure Legislation Advances in Senate Committee
The CLARITY Act, a pivotal piece of crypto market structure legislation, cleared the Senate Agriculture Committee by a narrow 12–11 vote along party lines. Republicans unanimously supported the bill, while Democrats withheld backing, underscoring a stark partisan divide.
The legislation seeks to expand the Commodity Futures Trading Commission's (CFTC) jurisdiction to include oversight of spot trading in digital commodities. Yet, its journey is far from over. The proposal must now merge with a separate section addressing the Securities and Exchange Commission's (SEC) role, currently under the purview of the Senate Banking Committee.
Months of negotiations between Senate Agriculture Committee Chair John Boozman (R-AR) and Senator Cory Booker (D-NJ) failed to yield bipartisan consensus. The bill's progression reflects growing institutional scrutiny of crypto markets, with implications for regulatory clarity and market participants.
