Senator Bill Hagerty of Tennessee announced that a significant digital asset market structure bill could progress through the Senate Banking Committee starting next week. He expressed optimism during the Digital Assets and Emerging Tech Policy Summit at Vanderbilt University, indicating that Republican lawmakers intend to advance the legislation after delays caused by various factors, including industry concerns and government shutdowns.
Originally known as the CLARITY Act when it passed the House in July, the bill aims to transition oversight of cryptocurrencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). The legislation requires approval from both the Senate Banking Committee and the Senate Agriculture Committee, with the latter having already moved its version forward earlier this year.
Hagerty noted that while several issues remain unresolved, he believes they are manageable, aiming for the bill's completion from the banking committee by April. He emphasized the need to finalize the legislation before the upcoming midterm elections, stating, “We can clearly get this taken care of before the midterms.”