Senate Banking Committee passes Digital Asset Market Clarity Act

The Senate Banking Committee has passed the Digital Asset Market Clarity Act with a 15-9 bipartisan vote, significantly advancing the most comprehensive crypto market structure bill in the U.S. toward a full Senate vote. This legislation aims to resolve years of jurisdictional ambiguity by officially designating digital asset intermediaries and placing them under direct FinCEN supervision, fostering compliance programs. The bill seeks to establish clear legal categories and compliance pathways for market participants, moving away from enforcement-driven policy. It includes safeguards such as stablecoin reserve standards, DeFi treatment rules, and investor protections to create a more predictable regulatory environment. However, concerns remain regarding the explicit protection of unhosted wallets and the treatment of stablecoin interest payments, though a compromise on activity-based rewards has been brokered. The bill now needs reconciliation with a companion bill from the Senate Agriculture Committee and requires 60 votes in the Senate, with a tight timeline and an estimated 30% chance of passing this year, though some industry advocates remain optimistic.

(Source：Crypto Briefing)