The Crypto Market Structure Bill "CLARITY Act" is expected to be submitted to the Senate for consideration in January

PANews reported on December 19 that according to Cointelegraph, David Sacks, the White House head of artificial intelligence and cryptocurrency affairs, said that the Crypto Market Structure Act "CLARITY Act" is one step closer to formal legislation and is expected to be reviewed and revised by the Senate in January. Sacks posted on the X platform on Thursday that Senate Banking Committee Chairman Tim Scott and Agriculture Committee Chairman John Boozman have confirmed that the bipartisan cryptocurrency bill will be finalized in the Senate next month.

The CLARITY Act will clarify the definitions of encrypted securities and encrypted commodities, and clarify the responsibilities of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and other financial regulatory agencies. Supporters of the bill say it will reduce regulatory uncertainty faced by crypto companies by establishing a clearer compliance path, and encourage innovation while strengthening investor protection. The House of Representatives passed the bill in July, and the Senate will review and revise it, debate the modifications, and then send it to the plenary session for a vote. Tim Scott needs to secure an absolute majority to pass the bill to prevent it from being shelved indefinitely. If the Senate passes the bill with amendments, it will return to the House for final approval and then to Trump's desk.

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