David Sacks: Crypto market structure legislation is closer to passage than ever before; the crypto industry should use the current buffer period to resolve remaining disagreements.

According to Mars Finance, on January 15th, David Sacks, White House Director of Cryptocurrency and Artificial Intelligence, stated, "The likelihood of market structure legislation passing is closer than ever before. The cryptocurrency industry should use this current buffer period to resolve all remaining disagreements. Now is the best time to establish industry rules and safeguard the future development of the industry. The White House remains committed to working with Senate Banking Committee Chairman Scott, committee members, and industry stakeholders to expedite the passage of bipartisan legislation on the cryptocurrency market structure." Previously, it was reported that key supporters such as Coinbase opposed the current version of the CLARITY Act, and the Senate Banking Committee canceled its hearing on amending the CLARITY Act. It is currently unclear when the hearing will be held. The bill aims to clarify the regulatory authority between the Commodity Futures Trading Commission and the Securities and Exchange Commission, define when digital assets should be classified as securities or commodities, and establish new disclosure requirements.