Senate Banking Chair Tim Scott, along with Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, have unveiled a comprehensive market structure discussion draft. This draft, delayed due to recent House activities, builds on the House-passed CLARITY Act and the Lummis-Gillibrand proposal. It addresses key issues such as token classification, regulatory fragmentation, banking, disclosures, and illicit finance. The Senators are also seeking public feedback through a Request for Information on over 35 topics, including SEC/CFTC jurisdiction, stablecoins, custody, investor protection, and DeFi exemptions. The draft aims to refine the regulatory landscape for cryptocurrencies and includes measures to combat scams like pig butchering.