There is still a lot of confusion in understanding the CLARITY bill: who is leading the Senate Banking Committee or Agriculture Committee? Why is CFTC regulated by the Agricultural Commission? What is the timeline for future legislation? Let's talk clearly in one article: 1. Firstly, the issue of Senate regulatory division of labor The division of labor among the various committees in the Senate includes the Banking Committee overseeing the SEC and the Agriculture Committee overseeing the CFCT. The bipartisan text of the CLARITY bill that everyone saw yesterday was proposed by the Senate Banking Committee, while the Agriculture Committee has its own version. 2. Why is the cryptocurrency market structure bill proposed by the Senate Agriculture, Nutrition, and Forestry Committee? Have you talked here before about https://(x.com)/qinbafrank/status/1988087048528687451? s=46&t=k6rimWsEbo2D2tXolYcM-A This is mainly due to its congressional oversight power over the Commodity Futures Trading Commission (CFTC). 1) The CFTC was established in 1974, originating from the Commodity Exchange Act of 1936, initially targeting futures trading of agricultural commodities such as wheat and corn to protect farmers from price volatility risks. Later, it expanded to commodities such as energy and finance, but its foundation was still related to agriculture. So it's the Senate Agriculture Committee that regulates the CFTC 2) The division of labor in the US congressional committees is based on institutional affiliation. Although the CFTC operates independently, congressional oversight is exercised by the Agriculture Committee (which also has a corresponding committee in the House of Representatives). The SEC is supervised by the Senate Banking Committee and primarily governs securities based encrypted assets. 3) Some cryptocurrencies, such as Bitcoin and Ethereum, are considered by the CFTC as "commodities" rather than securities. This stems from the traditional jurisdiction of the CFTC over commodity futures markets, including spot digital commodity trading. The draft of the Agricultural Committee focuses on the "commodity" side of the CFTC, complementing the "securities" side of the Banking Committee, forming a dual track regulatory framework Therefore, any bill involving CFTC jurisdiction (such as cryptocurrency market structures) must be reviewed and passed by the Agriculture Committee, otherwise it cannot advance to a full Senate vote. 3. How is the CLARITY bill currently progressing in the Senate? The original plan was for the Senate Banking Committee and Agriculture Committee to hold a markup on January 15th (Thursday of this week) simultaneously, to review their respective discussion draft texts. However, yesterday the Chairman of the Senate Agriculture Committee, John Boozman, officially announced the postponement of the markup due to the need for more time for bipartisan negotiations (especially with Democratic Senator Cory Booker) to ensure sufficient bipartisan support and avoid a failed vote within the committee or obstruction of subsequent processes. The review vote for the Agricultural Committee's markup is expected to be postponed until the last week of January (late January 2026, around January 27-31). This is clearly stated by Boozman himself in press releases and media statements 4. What is the process after the CLARITY Act? 1) On Thursday 15th of this week, the Senate Banking Committee will internally review and vote on the draft version led by it; 2) At the end of January, the Senate Agriculture Committee will internally review and vote on the version it leads; 3) Two committees have reviewed and voted to pass the bill, and the two versions of the text will be merged together, which will take several weeks to revise the terms; 4) The final merged bill text is submitted to the full Senate for a vote (requiring an absolute majority of 60 votes); 5) After the internal vote in the Senate is completed, the Senate version of the bill needs to be coordinated with the version previously passed by the House of Representatives to resolve differences between the two houses. Finally, a joint version of the bill will be formed by both houses and submitted to the President for signature into law.