Analysis: How Does the Senate Agriculture Committee’s Bipartisan Crypto Market Structure Discussion Draft Build on the CLARITY Act?
On November 10, 2025, Senator John Boozman (R-AR), Chairman of the Senate Committee on Agriculture, Nutrition, and Forestry, and Senator Cory Booker (D-NJ) released the bipartisan discussion draft on crypto market structure in the United States, which builds upon the Digital Asset Market Clarity Act of 2025 (“CLARITY Act”) passed by the House of Representatives earlier this year. Following up on our earlier summary, this note delves deeper into the bipartisan discussion draft and explores the areas where the discussion draft expands and deviates from the CLARITY Act, and also discusses where the crypto market structure regulatory framework in the United States may be headed.
Definitions and Oversight
Although the…
