The Senate Bank Committee has introduced a draft discussion to tackle crypto market structure and tackle part of what will generally be a significant legislative push to meet the house’s clarity law.

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The story

The Senate Bank Committee introduced a bill on drafting of a draft market structure to tackle how it believes that the US Securities and Exchange Commission should oversee digital assets, introduce the concept of a “supplementary asset” and ask the public to weigh into the draft at the beginning of August.

Why it matters

While Parliament voted to promote its Law of Clarity last week, the Senate still has to sign the market structure legislation before President Donald Trump can sign it in the law. This week, the Senate Bank Committee revealed, where its efforts are focused: SEC and its role, but with a somewhat different tack than the house took.

Breaks down it

The Senate Bank Committee published a bill on discussion for its responsible financial innovation law in 2025, giving the public two weeks to answer one or more of the dozens of questions it asked the draft.

The draft creates the term “supplementary active” and defines it with regard to how Securities and Exchange Commission can oversee these.

Rashan Colbert, the US Political Director of Crypto Council for Innovation, an industry interest group, Coindesk said that the draft discussion is clearly focusing on the banking committee’s jurisdiction.

“Within the bill you see reference to a digital item, but you do not see an attempt to explicitly formulate what it is like … along this line, you also do not see an attempt to formulate how trade in digital ingredients actually looks because it is things that are very much within the agricultural committee,” he said. “To see part of the overall picture here, and it is very clear from their work, this is a draft and they have asked for answers to information to help them call out the picture.”

The process of the Senate to promote the legislation may look different from what Parliament passed his clarity law, Colbert said, but he expects both agricultural and banking committees to run the coordination of market structure legislation.

Regardless of what Bill Advances also need democratic input, given the threshold of 60 votes to move a bill through the Senate-in the moment the draft of discussion was published in a press release citing majority members.

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This week

This week

• There was a business meeting scheduled for the Senate Agricultural Committee to consider Brian Quintenz’s nomination to President of the Commodity Futures Trading Commission, but it has been re -planned for July 28.

Elsewhere:

• (Bloomberg) Crypto companies have spent just under $ 7 million in lobbying during the second quarter of 2025. Coinbase spent just under $ 1 million on questions about digital assets as well as lobbying “on issues affecting Securities and Exchange Commission’s budget and appropriations,” Bloomberg reported.
• (Politico) US President Donald Trump visited the Federal Reserve’s offices and inflated the cost of its ongoing renovation in an exchange of fat -president Jerome Powell.
• (Galaxy Digital) Galaxy published an overview of all Donald Trump’s political changes around crypto in the first six months of his presidential term.

If you have thoughts or questions about what to discuss next week or any other feedback you would like to share, feel free to e -mail me at [email protected] or find me at bluesky @nikhileshde.bsky.social.

You can also participate in the group interview at Telegram.

See you next week!