Key Takeaways
The crypto market structure bill could face a ‘long road ahead’ as the Senate diverges from the House-passed CLARITY Act. Will Congress pass it by September?
The broader crypto market structure framework could take a little longer than expected, going by the recent updates at the U.S. Senate.
According to Jake Chervinsky, legal chief of crypto-focused Variant Fund, the Senate has ‘different ideas’ on the market structure bill compared to the CLARITY Act passed by the House last week.
“Not happening with CLARITY. The Senate has its own ideas about market structure, and so far, they are very different.”
Source: X
He added that most people assumed that the CLARITY Act would pass smoothly in the Senate like the stablecoin bill, the GENIUS Act, did in the House.
According to him, this may not be the case, and a delay may be likely.
Senate diverges from House on key crypto bill
On the 22nd of July, the U.S. Senate Committee on Banking, Housing, and Urban Affairs released a draft proposal for a broader regulatory framework targeting digital assets.
While it draws from elements of the House-approved CLARITY Act, experts have highlighted significant differences between the two approaches.
Notably, the Senate draft introduces a new asset category—“ancillary” tokens—allowing issuers to self-certify.
The Senate’s draft proposal expands the SEC’s oversight and limits annual fundraising through Initial Coin Offerings (ICOs) to $75 million.
This stands in contrast to the House’s CLARITY Act, which allows broader fundraising exemptions and places regulatory authority primarily with the CFTC, reducing the SEC’s role.
Jake Chervinsky, a policy expert, described the Senate’s approach as indicative of a “long road ahead” toward passing a unified crypto market structure bill.
Meanwhile, blockchain security firm TRM Labs pointed out two major differences: tougher anti-money laundering (AML) measures and a stronger focus on public-private partnerships.
According to the firm, the next step will be for the Senate to collect stakeholder feedback before formally introducing the bill.
But TRM Labs noted that the hearings and mark-ups could happen this summer or extend to fall, adding that,
“If the bill advances, lawmakers will need to conference with the House to reconcile differences between the Senate draft and the CLARITY Act.”
That said, Senate Committee on Agriculture is expected to release its discussion draft in September, noted reporter Eleanor Terret, quoting people familiar with the matter.
Overall, the White House expects the market structure bill to be done and submitted to President Donald Trump by the end of September. It remains to be seen whether this deadline will be met.
