The U.S. Senate Banking Committee has taken a pivotal step toward shaping the future of crypto regulation by releasing a discussion draft of its long-awaited market structure bill. This move follows the House’s recent passage of the Clarity Act, marking a crucial moment in the push for a comprehensive digital asset framework in the United States.
New Term Introduced: ‘Ancillary Asset’
The Senate’s draft bill, part of the proposed Responsible Financial Innovation Act of 2025, introduces the concept of an “ancillary asset” — a new classification aimed at clarifying how the Securities and Exchange Commission (SEC) might oversee certain types of crypto tokens.
The bill does not redefine digital commodities, leaving that to the Agriculture Committee, but focuses squarely on the SEC’s role.
This separation highlights the jurisdictional divide between Senate committees, with digital commodity definitions expected from the Senate Agriculture Committee, not the Banking Committee.
Public Feedback Invited by Early August
In a notable move, the Committee is inviting the public to respond to dozens of questions about the draft, with feedback due by early August. This reflects a collaborative legislative process, aiming to include industry insight while ironing out legal ambiguities.
This is only a partial framework — the Senate Banking Committee is actively seeking input to complete the picture.
Rashan Colbert of the Crypto Council for Innovation said the draft is intentionally scoped to Banking Committee authority, emphasizing that the broader structure will depend on cooperation with other Senate bodies.
Though the House passed the Clarity Act, this Senate draft must clear a 60-vote threshold before it can reach the President’s desk. That means bipartisan support is critical.
With President Trump expected to sign a finalized version later this year, coordination between House and Senate remains the key to regulatory clarity.
The Senate’s new draft marks a significant milestone in U.S. crypto legislation. While still a work in progress, its introduction of legal definitions like “ancillary asset” and its call for public input show a maturing approach to regulating digital markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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