‘Closer Than Ever’: Trump’s Crypto Czar Teases Historic Crypto Legislation Breakthrough
Key Points:
- White House cryptocurrency czar David Sacks confirmed that the Digital Asset Market Clarity Act would be formally marked up in January of 2025 by the Senate.
- Michael Selig, a pro-Bitcoin advocate, has been officially confirmed by the U.S Senate as the new Chairman of the Commodity Futures Trading Commission (CFTC).
- According to the experts, the new Crypto Market Structure framework should help decrease market manipulation by 70 percent or higher because it will oblige participants to meet stringent oversight and reporting requirements.
David Sacks, the newly hired White House AI and Crypto Czar, declared that markup of the long pending Clarity Act is actually set to happen in January.
In a recent social media post on X, Sacks revealed that high-level discussions with Senate leadership have secured a clear path forward for the Digital Asset Market Clarity Act, often referred to as the “Clarity Act.”
“Closer Than Ever” to Federal Oversight
The development follows a critical call between Sacks and key legislative figures. Taking to social media, Sacks expressed optimism about the momentum behind the bill, which has become a cornerstone of the current administration’s financial agenda.
The legislation, formally known as the Digital Asset Market Clarity Act of 2025, passed the House earlier this year with a strong bipartisan majority. By moving to a Senate markup, the bill enters the final stages of committee review, where it can be amended before reaching a full floor vote.
How New Crypto Market Structure Legislation Could Wipe Out 70% of Market Manipulation
Among the most remarkable arguments concerning the bill is the fact that it is going to clean up the trading field.
As policy experts are asserting and recent findings published by TRM Labs, the adoption of such a crypto market structure legislation would have the potential to curtail market manipulation by 70 percent or more.
The bill does this by requiring the centralized exchanges and brokers to be registered by the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).
The legislation will help in closing the loopholes that enabled bad actors to prosper as it requires disclosures on wash trading, insider activity, and order-book transparency.
the Act introduces a “control-based maturity framework.” This means projects must demonstrate true decentralization before being classified as digital commodities.
This guarantees that the insiders would find it incredibly difficult to carry out their pump-and-dump schemes since the bill presents severe selling limitations to the project founders until a network is considered mature.
Selig Confirmed as CFTC Chairman
In a move that further bolsters the industry’s outlook, the U.S. Senate confirmed Michael Selig as the Chairman of the CFTC on Thursday. Selig, a prominent lawyer with deep expertise in digital assets, is widely viewed as a “pro-Bitcoin” leader who understands the technical nuances of blockchain.
Selig, a veteran lawyer with deep expertise in digital asset policy, is expected to oversee the transition of many “mature” tokens from the SEC’s jurisdiction to the CFTC’s commodity-based oversight.
As reported by Binance News, the confirmation of Selig, alongside Travis Hill at the FDIC, signals a “bright future” for the industry.
Industry Implications
The confirmation by Selig as well as the January markup is an indication of a change in jurisdiction. With the new bill, the CFTC is set to be the main regulator of the so-called digital commodities, such as Bitcoin and Ethereum, the SEC will continue to regulate assets that are considered to be restricted digital assets.
This separation of power is in an attempt to offer the much needed “Clarity” that David Sacks and others in the industry heads have long embraced.
The regulative certainty is the piece of the puzzle that institutional investors have been looking to create which may cause a huge inflow of capital in the space.
