Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno announced on July 22 that they have released a digital asset market structure discussion draft, following the House’s bipartisan passage of the CLARITY Act. The announcement states:

The discussion draft builds on the CLARITY Act, which passed the House of Representatives last week with strong bipartisan support.

The draft seeks public feedback on a broad set of regulatory questions, including custody, investor protection, market infrastructure, illicit finance, and innovation. It instructs the U.S. Securities and Exchange Commission (SEC) to create “Regulation DA,” which would exempt certain token offerings from registration requirements, provided they stay within clearly defined thresholds.

A central feature of the legislation is the formal classification of “ancillary assets,” which are digital tokens that, under specific conditions, would not be treated as securities. The draft states: “An ancillary asset shall not be a security, and secondary transactions in an ancillary asset shall not be considered transactions in securities” if the issuer complies with outlined criteria and submits a self-certification to the SEC. The bill introduces mandatory disclosures but limits the SEC’s ability to challenge the issuer’s status to a 60-day window and requires “clear and convincing evidence” to reverse the self-certification.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was signed into law on July 18, 2025. This landmark legislation creates the first federal regulatory framework for payment stablecoins, requiring 1:1 backing with liquid assets and promoting consumer protection. Concurrently, the House passed the Digital Asset Market Clarity (CLARITY) Act on July 17, 2025. This bill aims to establish clear rules for digital assets by allocating oversight between the Commodity Futures Trading Commission (CFTC) for “digital commodities” and the SEC for “digital asset securities.” It now awaits Senate consideration.

Senator Hagerty emphasized the urgency of reform:

For too long, outdated laws and regulatory uncertainty around digital asset market structure have hindered American innovation and left consumers without adequate protections.

He added: “This discussion draft demonstrates a strong commitment to unlocking the full potential of the digital asset economy by delivering responsible legislation that reflects input from stakeholders, fosters innovation, establishes consistent guardrails, and ensures the United States remains a global leader in digital asset development.”

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