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US lawmakers have targeted January 15 to set a date for legislative debate on the long-awaited market structure bill, known as the CLARITY Act, according to people familiar with the process.
The scheduled hearing is held in the Banking Committee of the Senate, which marks the first concrete step towards the advancement of the project after months of negotiations behind closed doors.
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The expected progress of the debate indicated that lawmakers consider the bill close enough to consensus to survive a public committee vote.
Expect a focus during the discussion of the project on the unresolved lines of contact that have prevented previous attempts in 2025.
First, senators will discuss how decentralized finance (DeFi) will be treated under federal law, including whether certain DeFi protocols fall outside traditional party registration systems.
Panelists will then discuss how to draw clearer boundaries between digital assets regulated by the SEC and those overseen by the CFTC.
Stablecoin provisions remain sensitive, especially regarding whether issuers can offer rewards or payment incentives to users.
Supporters argue that the compromise wording has narrowed those loopholes since Congress went into recess in December.
However, staff from both sides acknowledged that changes could emerge during the discussion of the bill.
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The CLARITY Act could advance out of committee even without Democratic support if Republicans vote together. Such a scenario complicated his future.
After being combined with the part of the Senate Agriculture Committee, the final package still needs 60 votes in the Senate floor to end the debate, making bipartisan support essential.
Banking Committee Chairman Tim Scott said before the break that talks with Democrats had made “significant progress.” Many industry participants who met with lawmakers shared cautious optimism as the new year begins.
What will the bill change the structure of the digital currency market?
If implemented, the Market Structure Bill will establish a federal framework for digital asset markets that replaces years of law-based oversight.
It clarifies which tokens are considered securities or commodities, defines the registration paths for cryptocurrency exchanges and brokers, and gives regulators explicit authority over spot cryptocurrency markets.
Supporters say these changes will reduce legal uncertainty, strengthen consumer protections, and improve US competitiveness with jurisdictions that already have uniform rules for digital currencies.
For now, January 15 remains a litmus test for the CLARITY Act. Successful passage would bring US crypto regulation closer to current implementation, while another collapse would highlight how difficult it will be to reach consensus.
