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

Senate Republicans have introduced a revised version of their crypto market structure legislation, setting the stage for a key procedural vote on the Clarity Act next week. The bill is intended to clarify how digital assets are classified and which federal regulator — the SEC or the CFTC — holds primary oversight.

The revision matters because market structure has been one of the longest-running sources of uncertainty for crypto firms operating in the United States. Clearer rules on jurisdiction could affect where exchanges, token issuers, and custodians choose to base operations, and how they design compliance programs. The updated text may also shift how much authority each agency retains over spot and derivatives markets.

What to watch: whether the revised bill attracts enough bipartisan support to advance, and whether industry groups and consumer advocates line up behind or against the changes. For markets, the practical signal is procedural — a vote next week will indicate how far the legislation can realistically travel, rather than settle the underlying policy questions.