Recent comments from senators indicate that passing a market structure bill may be more challenging than the GENIUS Act. Sen. Tim Scott highlighted the complexities of the new legislation, which builds on the earlier CLARITY Act aimed at defining digital assets and easing SEC registration requirements for blockchain projects. Although Scott anticipates bipartisan support from 12 to 18 Democrats, he warned that opposition from figures like Sen. Elizabeth Warren could hinder progress. Legal experts noted that the CLARITY Act would allow for more efficient capital raising for blockchain developers, while Scott's proposal places greater regulatory authority on the SEC. There are also impending efforts from the Senate Agriculture Committee that may shape digital commodities legislation. SEC Chair Paul Atkins emphasized the need for flexibility in regulatory approaches, suggesting a 'super-app' model for financial services under a single license. With aspirations of positioning the US as a global crypto hub, the timelines for passing such legislation could be protracted as lawmakers discuss how to future-proof the financial markets in the wake of evolving technology.

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