Senate Banking Committee Republicans release digital asset market structure bill text

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Senate digital asset market bill

Highlights

Senate Banking Committee Republicans, led by Tim Scott, Cynthia Lummis, and Thom Tillis, released the market structure bill text as the basis for CLARITY Act markup.
The bill text, revised over the past year after bipartisan negotiation and industry input, aims to provide clear digital asset rules and enhance U.S. consumer and national security protections.
The legislation builds on principles first released in June 2025 and is intended to reduce regulatory uncertainty and retain digital asset innovation within the U.S.

Bill text sets up committee markup

As reported by the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Tim Scott and Senators Cynthia Lummis and Thom Tillis have released market structure bill text that will serve as the basis for the Senate Banking Committee's markup of the CLARITY Act. The release says the measure reflects continued negotiations with Democratic lawmakers as well as input from regulators, law enforcement, financial institutions, innovators and consumer advocates.

Scott says the bill has been revised over the past year to provide clearer rules for families, small businesses, investors and innovators. He says the measure is designed to put consumers first, combat illicit finance, crack down on criminals and foreign adversaries, and keep the future of finance in the U.S.

Lummis says the text represents nearly a year of bipartisan work and moves the industry closer to the regulatory clarity it has sought. Tillis describes the updated language as a bipartisan compromise that would provide the certainty needed to support innovation in the U.S. and says he expects Congress to move the legislation quickly.

Legislative timeline shapes crypto policy debate

Committee Republicans say the latest text builds on principles for market structure legislation first released in June 2025. Scott later issued a discussion draft and a request for information in July 2025, followed by a second discussion draft in September 2025 after feedback from industry participants.

The bill is part of a wider push by Senate Banking Committee Republicans to establish a federal framework for digital assets while maintaining investor protections and national security safeguards. Supporters argue that clearer market structure rules could reduce regulatory uncertainty for crypto businesses and help keep financial innovation and related investment activity in the U.S.

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