The U.S. Senate Banking Committee has released a draft of the H.R.3633 Digital Asset Market Clarity Act, spanning 309 pages. The proposed legislation aims to establish a regulatory framework for the issuance and sale of digital commodities, involving both the SEC and CFTC. It also seeks to limit the use of central bank digital currencies in monetary policy. Key provisions include defining the boundaries between DeFi and CeFi, combating illegal finance, restricting stablecoin yield payments, tokenization of securities, protecting software developers, safeguarding customer assets in bankruptcy, and introducing a CFTC-SEC innovation sandbox.