Sens. Hagerty, Tim Scott, Lummis, Moreno Release Market Structure Discussion Draft, Issue Request for Information From Stakeholders

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July 22, 2025
WASHINGTON—Today,United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, joined Senators Tim Scott (R-SC), Chairman of the Senate Banking Committee, Cythia Lummis (R-WY), Chairwoman of the Senate Banking Subcommittee on Digital Assets, and Bernie Moreno (R-OH), in releasing an initial discussion draft of digital asset market structure legislation covering issues under the Banking Committee’s jurisdiction. The discussion draft builds on theCLARITY Act,which passed the House of Representatives last week with strong bipartisan support. Along with the discussion draft, the Senators are issuing a Request for Information (RFI) for stakeholders to submit feedback on the draft and on a wide range of questions.“For too long, outdated laws and regulatory uncertainty around digital asset market structure have hindered American innovation and left consumers without adequate protections,”said Senator Hagerty.“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 assets.”
“My colleagues and I in the House and Senate share the same goal: to provide clear rules of the road for digital assets that protect investors, foster innovation, and keep the future of digital finance anchored in America,”said Chairman Scott.“I’m grateful for the hard work of our House counterparts to craft smart, bipartisan legislation, and I look forward to building on their work here in the Senate. Working with President Trump, we can deliver a comprehensive, bipartisan regulatory framework for digital assets.”
“The time for regulatory uncertainty in the digital asset space has come to an end,”said Senator Lummis.“This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections. We cannot allow regulatory confusion to continue driving American innovation overseas. Market structure legislation will establish clear distinctions between digital asset securities and commodities, modernize our regulatory framework, and position the United States as the global leader in digital asset innovation.”
“The GENIUS Act was a critical stride toward ensuring the United States is a leader in Digital Assets,”said Senator Moreno.“This draft represents the next step in putting a bipartisan regulatory framework on President Trump’s desk and I look forward to continuing our important work to encourage innovation, protect consumers, and strengthen national security and US dollar dominance.”The discussion draft takes important steps to:
Full text of the discussion draft can be foundhere.In addition to the discussion draft, the Senators are calling on stakeholders to submit their feedback on a wide range of questionsaround:
To participate in theRequest for Information (RFI), please submit your feedback toMarketStructure_RFI@banking.senate.gov.
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