PANews reported on December 19th, citing Cointelegraph, that David Sacks, the White House's Director of Artificial Intelligence and Cryptocurrency Affairs, stated that the CLARITY Act, a cryptocurrency market structure bill, is one step closer to formal legislation and is expected to undergo Senate review and revisions in January. Sacks posted on the X platform on Thursday that Senate Banking Committee Chairman Tim Scott and Agriculture Committee Chairman John Boozman have confirmed that this bipartisan cryptocurrency bill will be finalized in the Senate next month.

The CLARITY Act will clarify the definitions of crypto securities and crypto products, and define the responsibilities of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other financial regulatory agencies. Supporters of the bill argue that it will reduce regulatory uncertainty for crypto companies by establishing a clearer compliance path, while strengthening investor protection and encouraging innovation. The House of Representatives passed the bill in July, and the Senate will next review, revise, and debate it before sending it to the full Senate for a vote. Tim Scott needs to secure an absolute majority to prevent the bill from being indefinitely delayed. If the Senate passes the amended bill, it will return to the House for final approval before being sent to Trump's desk.