The Senate introduced a discussion draft of its crypto market structure legislation, which aims to provide a legal framework for crypto startups to raise money through ICOs. This comes shortly after the House passed the CLARITY Act, with both bills seeking to clarify the regulatory landscape for cryptocurrencies. The Senate's bill proposes to amend existing securities laws to carve out crypto, transferring much oversight from the SEC to the less stringent CFTC. It allows token issuers to raise up to $75 million a year for four years as long as the tokens do not offer certain security-like benefits. This new framework aims to streamline fundraising for crypto projects while limiting the SEC's jurisdiction. Some industry leaders welcomed the more concise nature of the Senate bill compared to the House's, viewing it as a potentially effective regulatory solution. However, others raised concerns over ambiguous language, arguing that it may still create uncertainties for token developers.

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