U.S. Senate Banking Committee Releases Clarity Act Draft to Regulate Digital Assets

The U.S. Senate Banking Committee has released a comprehensive framework for regulating digital assets, known as the Clarity Act. The bill addresses the fragmented oversight of cryptocurrency operations and outdated rules by creating a new exemption from SEC registration called Regulation Crypto.

Under this exemption, certain digital asset projects can raise capital from the public while meeting specific compliance standards. Consumer protections include 24/7 customer service requirements and insurance or SIPC-like coverage provisions.