Senate Banking Committee Releases Crypto Market Structure Discussion Draft and Request for Information
Coming on the heels of the House’s passage of the Digital Asset Market Clarity Act of 2025 (“Clarity Act”) with strong bipartisan support, the Senate Banking Committee released its initial discussion draft for crypto market structure legislation on July 22, 2025, which is intended to build upon the Clarity Act by amending the Securities Act of 1933. While the discussion draft focuses on topics pertinent to the Securities and Exchange Commission (“SEC”), the Senate Agriculture Committee is anticipated to soon release its own discussion draft relating to topics relevant to the Commodity Futures Trading Commission (“CFTC”). Thus, the final version is likely to be a combination of concepts from all three documents….
