TLDR
- David Sacks met with bipartisan U.S. Senators to discuss the crypto market bill.
- The meeting was held in Senator Tim Scott’s office and included over a dozen lawmakers.
- The discussion focused on resolving remaining issues in the Digital Asset Market Clarity Act.
- The bill proposes giving the Commodity Futures Trading Commission oversight of most cryptocurrencies.
- The legislation aims to reduce the Securities and Exchange Commission’s broad regulatory authority.
David Sacks held a closed-door meeting with bipartisan U.S. Senators to push forward the crypto market bill, aimed at clarifying federal oversight of digital assets, a step considered essential by lawmakers for advancing digital innovation in the U.S., and the discussion focused on resolving final issues in the proposed legislation.
Senators Continue Work on CLARITY Act Draft
David Sacks met with over a dozen Senators on December 6 in Senator Tim Scott’s office. The meeting involved members from both political parties working to finalize the Digital Asset Market Clarity Act.
The ongoing talks seek to define which agency regulates different kinds of digital assets. Lawmakers are working to separate roles between the SEC and CFTC for clear market rules.
Senator Cynthia Lummis and Senator John Boozman were among the attendees of this discussion. They represent committees that hold jurisdiction over financial and agricultural aspects of digital asset legislation.
Crypto Market Bill Outlines New Regulatory Framework
The CLARITY Act proposes assigning oversight of most cryptocurrencies to the CFTC. This framework would shift authority away from the SEC, which now leads many enforcement efforts.
It would resolve current confusion over whether tokens are securities or commodities. The bill aims to establish consistent guidelines for token classification and enforcement.
Stablecoin issuers would face new federal requirements under the bill’s terms. They must maintain reserves and undergo audits to ensure safety and prevent failures like TerraUSD.
DeFi protocols must follow anti-money laundering regulations under the new provisions. The bill tries to balance compliance with continued growth of blockchain-based innovation.
Sacks Plays Key Role in Advancing Legislation
President Trump appointed David Sacks as AI and Crypto Czar in December 2024. Since then, he has held several meetings to promote regulatory clarity in digital markets.
In October 2025, Sacks met Republicans from the Banking Committee to revive stalled discussions. In November, he followed up with bipartisan senators to review a working draft from the Agriculture Committee.
Sacks told the press in December 2025 that the bill was “closer than ever” to passing. He serves as a key link between industry voices and lawmakers to finalize the crypto market bill.
The legislation includes guidance for spot market exchanges and custodial services offered by banks. It bans direct crypto holdings by banks but allows them to offer custody under regulated terms.
The CLARITY Act aims to create a registration path for crypto exchanges like traditional brokers. It also removes fears of retroactive enforcement actions for platforms following compliance steps.
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