David Sacks: The Clarity Act, a bill on the structure of the crypto market, is scheduled to be submitted to the Senate for revision in January next year.

According to Odaily Planet Daily, David Sacks, White House cryptocurrency and artificial intelligence director, said the CLARITY Act, a bill on the structure of the crypto market, is one step closer to formal legislation and is expected to be reviewed and amended by the Senate in January next year.

Previously, it was reported on the X platform that Senate Banking Committee Chairman Tim Scott and Agriculture Committee Chairman John Boozman had confirmed that the bipartisan cryptocurrency bill would be finalized in the Senate next month.

The CLARITY Act is reportedly expected to clearly define crypto securities and commodities and clarify the roles of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other financial regulatory bodies. Supporters believe it will reduce regulatory uncertainty for crypto companies by establishing a clearer compliance path, encouraging innovation, and strengthening investor protection.