CLARITY Act Set for Senate Markup in January

The White House's artificial intelligence and cryptocurrency czar, David Sacks, announced Thursday that the Digital Asset Market Clarity Act, known as the CLARITY Act, will advance to a key markup stage in the U.S. Senate in January, signaling progress toward establishing a comprehensive regulatory framework for digital assets.

Sacks shared the update following discussions with Senate Banking Committee Chair Tim Scott and Senate Agriculture Committee Chair John Boozman. In a post on X, formerly Twitter, Sacks stated, "We had a great call today with Chairmen Senator Tim Scott and John Boozman who confirmed that a markup for Clarity is coming in January. Thanks to their leadership... we are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for."

The CLARITY Act, which passed the House of Representatives in July with bipartisan support, seeks to define digital assets into categories such as digital commodities regulated by the Commodity Futures Trading Commission, investment contract assets overseen by the Securities and Exchange Commission, and permitted stablecoins. The legislation would require cryptocurrency exchanges...