U.S. Sens. Tim Scott (R-SC), Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Bernie Moreno (R-OH) are releasing an initial discussion draft of digital asset market structure legislation.
The discussion draft builds on the CLARITY Act, which passed the House of Representatives last week with strong bipartisan support. In addition, the senators are issuing a Request for Information (RFI) for stakeholders to submit feedback on the draft and on a wide range of questions.
“My colleagues and I in the House and Senate share the same goal: to provide clear rules of the road for digital assets that protect investors, foster innovation, and keep the future of digital finance anchored in America. I’m grateful for the hard work of our House counterparts to craft smart, bipartisan legislation, and I look forward to building on their work here in the Senate. Working with President Trump, we can deliver a comprehensive, bipartisan regulatory framework for digital assets,” said Scott, chair of the Senate Banking Committee.
The discussion draft seeks to:
- Define ancillary assets.
- Create disclosure requirements.
- Promulgate new rules.
- Modernize securities regulations.
- Prevent illicit finance.
- Promote responsible banking innovation.
“The time for regulatory uncertainty in the digital asset space has come to an end,” Lummis said. “This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections. We cannot allow regulatory confusion to continue driving American innovation overseas. Market structure legislation will establish clear distinctions between digital asset securities and commodities, modernize our regulatory framework, and position the United States as the global leader in digital asset innovation.”
The senators are also calling on stakeholders to submit their feedback on a wide range of questions around:
- Regulatory clarity and tailoring.
- Investor protection.
- Trading venues and market infrastructure.
- Custody.
- Illicit finance.
- Banking.
- Innovation.
- Preemption.
“For too long, outdated laws and regulatory uncertainty around digital asset market structure have hindered American innovation and left consumers without adequate protections,” Hagerty said. “This discussion draft demonstrates a strong commitment to unlocking the full potential of the digital asset economy by delivering responsible legislation that reflects input from stakeholders, fosters innovation, establishes consistent guardrails, and ensures the United States remains a global leader in digital asset development.”
Feedback can be emailed to MarketStructure_RFI@banking.senate.gov.
“The GENIUS Act was a critical stride toward ensuring the United States is a leader in Digital Assets,” Moreno said. “This draft represents the next step in putting a bipartisan regulatory framework on President Trump’s desk and I look forward to continuing our important work to encourage innovation, protect consumers, and strengthen national security and US dollar dominance.”