US lawmakers are heading towards January 15, 2025, to XEM a round of amendments to the long-awaited market structure bill, known as the 'CLARITY Act,' according to people familiar with the process.
The meeting is scheduled to take place at the Senate Banking Committee, marking the first concrete step toward advancing the bill after months of closed-door negotiations.
These are the issues that lawmakers will debate.
If the amendment session proceeds as planned , it would indicate that lawmakers believe the bill has garnered the necessary consensus to be brought to a vote in the public committee.
This working session is expected to focus on the points of disagreement that have caused previous revision efforts in 2025 to fail.
First, senators will discuss how to regulate DeFi under federal law, including determining whether certain DeFi protocols fall outside of traditional registration regulations.
Next, the committee will XEM the clearer boundaries between digital assets regulated by the SEC and assets under the purview of the CFTC.
Furthermore, regulations surrounding stablecoins remain sensitive, particularly regarding the possibility of stablecoin issuers being allowed to offer rewards or incentives similar to interest rates to users .
Supporters argue that, since the December holiday, the agreed-upon language has helped narrow most of the disagreements.
However, advisors from both sides acknowledge that further amendments may emerge during the meeting.
The political path forward for the CLARITY Act
The CLARITY Act could pass the committee even without Democratic support, as long as Republican members agree. However, this would complicate the subsequent process.
When combined with the portion of the bill from the Senate Agriculture Committee, the final bill still needs a minimum of 60 votes in the Senate to conclude the debate. Therefore, bipartisan cooperation is crucial.
Prior to the holiday, the Chairman of the Banking Commission, Tim Scott, said that talks with Democrats had made “solid progress.” Several market participants who had met with lawmakers also Chia cautious optimism heading into the new year.
What changes will the crypto market structure bill bring?
If passed, this market structure bill would establish a new federal legal framework for the digital asset market, replacing the previous model of oversight that relied heavily on lawsuits.
The bill would clarify which Token are securities and which are commodities, stipulate registration procedures for crypto exchanges and brokers, and empower regulators to intervene in the spot crypto market.
Supporters argue that these changes will reduce legal uncertainty, increase consumer protection, and help the U.S. better compete with countries that have already established standardized laws for crypto.
Currently, January 15, 2025, will be a crucial test for the CLARITY Act. If the amendment is successful, regulation of the crypto market in the US will move closer to reality. But if it fails, it will further highlight the difficulty in reaching a consensus.
