The Digital Asset Market Clarity Act, known as the CLARITY Act, is closer to passage, with a Senate markup expected in January, according to White House official David Sacks. Senate Banking Committee Chair Tim Scott and Agriculture Committee Chair John Boozman confirmed the bipartisan crypto bill’s progress.

The CLARITY Act aims to define crypto securities and commodities, outlining the roles of regulators like the SEC and CFTC. Backers believe it will reduce regulatory uncertainty for crypto firms, establish clearer compliance pathways, foster innovation, and enhance investor protections.

US regulators worked on the CLARITY Act during the 43-day government shutdown, engaging with industry leaders like Coinbase, Ripple, and Kraken. Meetings with tech-focused VC firms a16z and Paradigm were held to discuss the bill’s implications for the crypto market.

Read more at Cointelegraph: Sacks Says CLARITY Act Will Reach Senate Next Month