The Senate Banking Committee has introduced a discussion bill to address the structure of the cryptographic market, addressing part of what in general will be a significant legislative impulse to comply with the law of clarity of the Chamber.

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Auxiliary assets

The narrative

The Senate Banking Committee presented a draft Structure of the Discussion Market to address how it believes that the United States Stock Exchange and Securities Commission must supervise digital assets, presenting the concept of an “auxiliary asset” and ask the general public to evaluate the draft in early August.

Why does it matter

While the Chamber voted to advance its clarity law last week, the Senate still needs to sign the market structure legislation before President Donald Trump can sign it. This week, the Senate Banking Committee revealed where its efforts are focused: the SEC and its role, but with a somewhat different tactic than that of the Chamber.

Break down

The Senate Banking Committee published a draft discussion law for its financial innovation law responsible for 2025, giving the general public two weeks to answer one or more of the dozens of questions about the draft.

The draft creates the term “auxiliary active” and defines it in terms of how the stock exchange and values commission could supervise them.

Rashan Colbert, US Policies Director for the Crypto Council for Innovation, a group of interest in the industry, told Coindesk that the discussion draft is clearly focusing on the jurisdiction of the bank committee.

“Within the bill, reference is seen to a digital product, but you do not see an attempt to explicitly articulate what that is … Throughout that line, you do not see an attempt to articulate how the trade of digital products really looks like, because those are things that are directly within the remite of the Agricultural Committee,” he said. “Seeing part of the total image here, and this is very clear about their work, this is a draft, and they have asked for answers, information to help you develop the image.”

The process for the Senate to advance the legislation can be different from how the Chamber approved its clarity law, said Colbert, but hopes that the Agriculture and Banking Committees will end up coordinating in the legislation of the market structure.

Any advance of the bill will also need Democratic contributions, given the threshold of 60 votes to move a bill through the Senate; At present, the discussion draft was published in a press release that quoted the members of the majority.

Stories that may have lost

• Roman Storm Trial: Is it coding a crime? The battle of Tornado Cash Court intensifies: Roman Storm’s criminal trial continues, and the Prosecutor’s Office rests on Thursday. Cheyenne Ligon explains what has been happening inside the courtroom.
• The defense raises the possibility of a void judgment on allegedly misleading testimony of witnesses of ‘victim’ in the judgment of the Roman storm: One of the witnesses in the case of the Department of Justice against the storm may have not had any connection with the tornado cash, which leads to the defense saying that I could consider asking for a null trial.
• DOJ Considering criminal charges against Employees of Livening Capital for Tornado Investments of years: The prosecutors of the Department of Justice suggested that they could present charges against the executives of Dragonfly Capital for their investments in Tornado Cash years ago, saying that they would not grant the general immunity of Dragonfly Tom Schmidt if he testified in defense of Storm.
• SEC approves, immediately stops Bitwise’s offer to convert the Bitw encryption index fund into ETF: Bitwise received the delegated approval of the personnel to launch a quoted fund of multiple asset exchange, but like the similar grayscale product before him, the SEC stopped this approval pending review of the commissioner.
• The Crypto Prediction prediction market weighs the launch of its own stablecoin: Source: Polymarket is considering launching its own stablecoin or entering an income exchange agreement with Circle.
• Polymket that returns to us with an acquisition of $ 112 million after prosecutors leave the investigation: Polymarket also acquired US derivatives. Exchange QCX, giving a way back to the customers of the United States legally after the news last week that federal investigators were no longer investigating whether he violated a CFTC consent order that prevents him from serving US clients.
• The FBI drops criminal probe to the founder of Kraken Jesse Powell: The founder and president of Kraken, Jesse Powell, was under federal investigation into the piracy of suspicions, but the FBI has eliminated this investigation, said a lawyer for him in a judicial presentation.
• The Grand Jury Cargo de Pastor, wife in the supposed scam of multimillion -dollar cryptocurrencies: The Denver district prosecutor filed charges against a couple who allegedly requested almost $ 3.4 million of visitors to their church and other churches for a cryptocurrency.
• Yuga Labs Bured Ape Yacht Club $ 9 million against Ryder Ripps overturned, you must better try the registered trademark infraction: A Court of Appeals ruled that although Yuga Labs is eligible for the brand protections registered by its NFT of Ape Yacht Club boring, it must be better demonstrated that Ryder Ripps and their NFT of its associates are violating that mark registered under the law.
• Photos: Trump signs the genius law: Here are some photos that my colleague Jesse Hamilton and I took at the White House last week.

This week

This week

• There was a business meeting scheduled for the Senate Agriculture Committee to consider the nomination of Brian Quintenz for the president of the Basic Products Trade Commerce Commission, but has rescheduled on July 28.

Elsewhere:

• (Bloomberg) Cryptographic companies have spent just under $ 7 million in lobbying during the second quarter of 2025. Coinbase spent a little less than $ 1 million in digital asset problems, as well as lobbying “in matters that affect the request for budget and assignments of the Bag and Securities Commission,” Bloomberg said.
• (Political) The president of the United States, Donald Trump, visited the offices of the Federal Reserve, inflating the cost of his current renewal in an exchange with the president of the Fed, Jerome Powell.
• (Galaxy Digital) Galaxy published a general description of all Donald Trump’s policy changes around cryptography during the first six months of his presidential mandate.

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