U.S. Senate Advances New Draft Bill for Crypto Market Regulation

The U.S. Senate is advancing a new draft bill focused on regulating the crypto market. Key points include:

The bill establishes legal protections for developers of distributed ledger and decentralized finance systems.
It includes bankruptcy guidelines, treating ancillary assets and digital commodities as customer property during bankruptcy.
The Senate's version aims to take precedence over the House's Digital Asset Market Clarity Act.
Senate Banking Committee Chairman Tim Scott has set deadlines for progress, previously aiming for completion by September 30.
Differences remain between the Senate and House approaches, particularly regarding the classification of crypto assets as securities or commodities.
The bill will require bipartisan support, needing 60 votes to advance.

Next steps include potential amendments during markup hearings followed by a Senate floor vote. Both chambers must agree on matching legislation for it to become law.