Haciyev Reşit 
The long-awaited U.S. cryptocurrency legislation draft, also known as the Clarity Act, has been officially released by the Senate Banking Committee. The 278-page draft covers many critical details, from the legal status of cryptocurrencies to stablecoin regulations. Meanwhile, the Senate Agriculture Committee has postponed the vote on its own draft until the end of the month.
Clarity Act Draft: Status of Bitcoin and Ether
Prepared after lengthy negotiations bridging Republicans and Democrats, the so-called “market structure bill” draft stands out as the version released by the Senate Banking Committee. The draft places certain cryptocurrencies with ETFs on the same legal footing as Bitcoin and Ether.
“If a cryptocurrency has an ETF listed on a U.S. national exchange, the SEC will not require additional disclosures. This means there is no need to report details such as who controls the project or how the tokens are distributed.”
In addition to Bitcoin and Ether, six other cryptocurrencies are included in this status:
- XRP
- Solana (SOL)
- Litecoin (LTC)
- Hedera Hashgraph (HBAR)
- Dogecoin (DOGE)
- Chainlink (LINK)
This regulation provides altcoins with ETFs listed on U.S. exchanges a clearer and more predictable regulatory status.
Conditional Interest Rules for Stablecoins
The draft also introduces an important provision regarding interest on stablecoins. Only holding a stablecoin deposit will not automatically generate interest. To earn interest, users or institutions must actively transact, provide liquidity, or post collateral with the relevant institution. This measure aims to limit risks in the stablecoin market while encouraging active financial participation.
The Senate Banking Committee plans to vote on the draft item by item on Thursday. However, the Agriculture Committee postponed its vote until the end of the month. Committee Chair Senator John Boozman cited the need for additional time. As a result, votes from the two committees will not occur on the same day, raising discussions about coordination and the overall speed of the legislative process.
Assessment
The draft U.S. crypto legislation marks a critical step for the market. Altcoins sharing the same status as Bitcoin and Ether send an important confidence signal for investors and ETF holders. Conditional interest on stablecoins emphasizes the importance of active usage and liquidity in the market. While the Agriculture Committee’s delay slightly slows the path to final passage, the draft represents a milestone in clarifying cryptocurrency regulations in the United States.
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