The U.S. Congress is actively advancing a new framework for cryptocurrency regulation. Recently, the Senate Banking Committee introduced a discussion draft of the "CLARITY Act", which introduces the new concept of "ancillary assets", aiming to clarify the SEC's regulatory scope over digital assets. The committee has also invited the public to provide feedback on this before early August.

This move follows the House of Representatives passing a similar bill, demonstrating the ongoing attention of the U.S. legislative body towards the regulation of Crypto Assets. The White House crypto director stated that the current president supports this bill, which also aligns with his campaign promises. Currently, the Senate Banking Committee is focusing on the SEC's regulatory role in the crypto market.

Rashan Colbert, a representative of the Crypto Assets Innovation Council, pointed out that although the legislative process in the Senate may differ from that in the House of Representatives, it is expected that the Agriculture Committee and the Banking Committee will coordinate on market structure legislation. However, whether the bill can ultimately pass largely depends on the position of the Democrats, and without their support, the prospects for the bill will become uncertain.

The core of the "CLARITY Act" lies in the classification of digital assets. The House version divides digital assets into two categories: commodities and securities, which are regulated by the Commodity Futures Trading Commission (CFTC) and the SEC, respectively. The Senate version introduces a new category called "ancillary assets," further refining the regulatory framework.

These legislative trends indicate that the U.S. government is working to establish a clearer regulatory framework for the rapidly evolving Crypto Assets market. However, considering the differing viewpoints among political factions, this process may still take some time to reach a consensus. Participants in the crypto industry and investors will closely monitor the developments of this legislative process, as it will have a profound impact on the future of the entire industry.