In brief
- The Senate’s crypto market structure bill is set for a January committee markup, White House AI and Crypto Czar David Sacks said.
- The CLARITY Act would define SEC and CFTC oversight of crypto, but Trump’s regulator appointments and a looming Supreme Court ruling have unsettled Democrats.
- Senator Cory Booker (D-NJ) says he does not trust White House assurances, while critics warn the bill could expand executive power and favor large crypto firms.
The Senate’s closely watched crypto market structure bill is officially headed for a January committee markup, White House AI and crypto czar David Sacks confirmed Thursday, moving landmark digital asset legislation closer to a floor vote despite lingering Democratic concerns over regulatory independence.
“We had a great call today with Chairmen Senator Tim Scott and John Boozman, who confirmed that a markup for Clarity is coming in January,” Sacks tweeted.
“Thanks to their leadership, as well as Rep French Hill and Congressman GT in the House, we are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for.”
Senate Banking Committee Chair Tim Scott (R-SC) and Senate Agriculture Committee Chair John Boozman (R-AR) will oversee the markup, which would establish the first comprehensive federal framework for digital assets by defining regulatory jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The Digital Asset Market Clarity Act of 2025 (CLARITY Act) passed the House with bipartisan support in July, on the same day lawmakers approved the GENIUS Act, the stablecoin framework that has since been signed into law by President Donald Trump.
The planned markup, acknowledged earlier this week by Scott, would mark the first formal committee consideration of the bill in 2026 after repeated delays pushed it past summer, October, and year-end targets.
Tensions remain
Trump said Monday he is open to nominating Democratic commissioners to the SEC and CFTC, a key demand tied to passage of the Clarity Act, telling Decrypt in the Oval Office that, “There are certain areas we do look at, and certain areas that we do share power, and I’m open to that,” after months of refusing to fill minority-party seats required by law within 90 days.
But that reassurance may carry little weight after the Supreme Court hinted it could overturn a 90-year-old precedent and allow presidents to fire agency commissioners at will, raising concerns that Democrats could be appointed briefly, then removed.
Senator Cory Booker (D-NJ), a key Democratic negotiator, said last week that he does not trust White House assurances on appointing Democrats to financial regulators.
“It is a deep concern,” Booker told Decrypt at the Blockchain Association’s annual policy summit. “This is a massive expansion of presidential power. We’ve seen what [Trump] has done with this power already, to advantage his friends in a very corrupting way.”
Kadan Stadelmann, Chief Technology Officer at Komodo Platform, told Decrypt the bill could undermine financial privacy while favoring well-capitalized firms over startups.
“Although the CLARITY Act hides behind supporting innovation, it is likely to require data collection, identity verification, and financial reporting that turns crypto into a surveillance mechanism,” he said.
“The CLARITY Act is a boon to well-capitalized crypto firms, who can afford to implement the requirements, while smarter startups will not have the funds to compete,” Stadelmann noted. “Unfortunately, in the end, it will be another tool of centralization.”
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