Senate Republicans Propose New Crypto Market Structure Bill

Senate Republicans have unveiled a draft crypto market structure bill that expands upon the House-passed CLARITY Act. The legislation introduces novel definitions for "ancillary assets"—digital assets that aren't securities but are sold alongside them. Issuers would gain the ability to self-certify assets, with the SEC retaining a 60-day window to reject those resembling securities.

The draft mandates joint rulemaking between the SEC and CFTC for specific crypto market activities, including portfolio margining. A public comment period remains open until August 5, as lawmakers solicit industry feedback on the 35-page proposal.

Banking Committee Chair Tim Scott emphasized the shared congressional goal of establishing clear digital asset regulations. The bill's architects aim for passage before October, marking a potential inflection point for crypto oversight.