The U.S. Senate Committee on Banking, Housing and Urban Affairs published an initial discussion draft of digital asset market structure legislation and issued a request for information (RFI) seeking stakeholder feedback on the draft and a wider set of policy questions. The release frames the work as building on the newly enacted Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which establishes a regulatory framework for payment stablecoins, and on the House-passed CLARITY Act. Chairman Tim Scott and Republican members stated that the draft follows principles they previously released to guide negotiations and focuses on issues within the committee’s jurisdiction. Media coverage cited in the committee release indicates the proposal would divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission and would introduce a new category of digital tokens described as “ancillary assets,” with a particular emphasis on directing Securities and Exchange Commission rulemaking on ancillary assets and disclosure requirements. Stakeholder responses to the RFI are intended to inform the committee’s development of comprehensive digital asset market structure legislation.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-07-23
U.S. Senate Committee on Banking, Housing and Urban Affairs releases discussion draft digital asset market structure legislation and opens request for information
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a discussion draft of digital asset market structure legislation and requested stakeholder feedback. The draft builds on the GENIUS Act and the CLARITY Act, proposing oversight division between the SEC and CFTC, and introducing "ancillary assets" with specific SEC rulemaking directives. Stakeholder input will aid in developing comprehensive digital asset legislation.