Senate Republicans unveil revised crypto bill ahead of key Clarity Act vote next week - The Block

Senate Republicans have introduced a revised version of crypto market structure legislation ahead of a key vote on the Clarity Act next week. The bill is aimed at clarifying how digital assets are classified and which regulator — the SEC or the CFTC — holds primary oversight. The revised text reflects ongoing negotiations over that dividing line.

For markets, the significance lies less in any single provision than in the prospect of a durable federal framework. Clearer rules could reduce the compliance uncertainty that has shaped where crypto firms list, custody, and operate. That, in turn, may influence institutional participation and the competitive position of U.S. venues relative to offshore jurisdictions.

What to watch: whether the revised bill secures enough support to advance, how the SEC–CFTC split is ultimately drawn, and how the text treats tokens that may function as securities. The vote is a procedural step, not a final outcome — amendments and further negotiation remain likely, so the practical effect on market structure could still shift.