US Senators Lummis and Gillibrand target CLARITY Act draft and hearings as Congress works on crypto market rules

On December 10 in Washington D.C., Senators Kirsten Gillibrand and Cynthia Lummis detailed plans for the US Congress to advance comprehensive oversight of the cryptocurrency industry, saying they aim to publish a draft of the CLARITY Act, a market structure bill, by the end of this week and hold a hearing next week to amend and vote on it, BlockBeats reported. Lummis said Democrats and Republicans are in ongoing negotiations, held their first bipartisan meeting last week with what she described as very good progress, and claimed that nothing is blocking the bill. Congress has spent years trying to move broader crypto market structure legislation with limited progress, while the House in July passed its version of the Digital Asset Market Structure Clarity Act, which has given new momentum to similar efforts in the Senate. The Senate Banking Committee already has a draft that seeks to delineate oversight between the SEC and CFTC and introduces the term "ancillary assets" to clarify which cryptocurrencies are not securities, while the Senate Agriculture Committee last month released its own draft to grant the CFTC additional authority.