The U.S. Senate announces a draft law on the structure of the digital asset market.

The Republican leaders in the U.S. Senate Banking Committee have just announced a draft version of a bill on the structure of the digital asset market, demonstrating their coordinated effort with a similar bill that has been passed by the House of Representatives.

A statement released on Tuesday said that four Republican Senators – including Banking Committee Chairman Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis – have introduced a discussion draft of the cryptocurrency market bill.

According to lawmakers, the bill temporarily referred to as the Responsible Financial Innovation Act ( is built upon the CLARITY Act ), which has already been passed by the House of Representatives on July 17.

"We - the lawmakers in both the House and Senate - are all focused on a common goal: to establish clear rules for the digital asset market," emphasized Mr. Tim Scott.

Last week, the Republican party in the House successfully pushed three cryptocurrency bills with bipartisan support. However, only the GENIUS Act – aimed at establishing a national innovation platform for U.S. stablecoins – was passed by both chambers and signed into law by President Donald Trump.

Mr. Scott and Ms. Lummis stated in June that they expected the Senate to approve the market structure bill before October.

Comparison of the two bills from the Senate and the House of Representatives

Both the House and Senate versions propose amendments to the disclosure requirements in the Securities Act of 1933, indicating that the current law is not sufficiently suitable to regulate modern investment vehicles such as digital assets.

The CLARITY Act seems to facilitate more effective coordination between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in establishing a regulatory framework for digital asset trading.

The Senate draft also proposes amendments related to the disclosure of information about "ancillary assets" – that is, digital assets that are not classified as securities.

"By receiving support from both parties, the advancement of the CLARITY Act to the Senate demonstrates an increasing momentum towards comprehensive cryptocurrency policy, as well as a growing consensus on the need to establish clear market rules – although full passage may require more time as Congress enters its summer recess," said Liat Shetre, Vice President of Global Policy at Elliptic, in an interview with Cointelegraph.

It is still unclear whether the draft from the Senate will have enough support to pass, given that the Republican Party holds only a slim advantage over the Democratic Party in this legislative body.

More than 70 Democratic lawmakers in the House have teamed up with Republicans to pass the CLARITY Act. However, any adjustments to the wording in the bill could lead to controversy or face opposition amid a politically tense Congress.

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