President Donald Trump's crypto and AI advisor, David Sacks, praised on Thursday the Senate’s timeline and plan for crypto legislation that proposes dividing oversight of digital assets between market regulators.
What Happened: In an X post, Sacks thanked Senate Banking Committee Chair Senator Tim Scott (R-S.C.) and Digital Assets Subcommittee Chair Sen. Cynthia Lummis (R-Wyo.) for their commitment to introduce the CLARITY Act, known popularly as the crypto market structure bill, before the August recess and get it passed by the end of September.
“July will be a big month, with a bill signing for GENIUS, and CLARITY going to the Senate,” Sacks said, emphasizing that both bills have complete backing from President Donald Trump.
Sacks remarks followed a fireside chat between Lummis, Scott and Bo Hines, the executive director of the White House Council on Digital Assets, about the need to expedite the bill to establish a clear regulatory framework for the cryptocurrency industry and make things “welcoming” for innovators.
See Also: Anthony Pompliano Says Companies Following Michael Saylor’s Playbook May Have Raised ‘Large Sums’ But They Aren’t Able To Buy Bitcoin Yet, Explains Why ProCap Is Different
Why It Matters: Lummis said earlier this month that pro-cryptocurrency senators are working on the market structure bill. She confirmed that the Senate's version of the bill would closely mirror the House bill.
The proposed legislation aims to split cryptocurrency oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Put simply, it will clearly define whether cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are securities or commodities.
In a recent interview, Lummis expressed optimism that the White House is actively supportive of passing major crypto legislation as soon as July. She pointed to the GENIUS Act, a stablecoin-focused bill passed by the Senate last week, as evidence of this momentum.
Photo Courtesy: sundaemorning on Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
