The United States Senate is set to review the CLARITY Act, a significant cryptocurrency market structure bill, on January 15, 2025. This legislation aims to establish a clear regulatory framework for digital assets, delineating the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC would oversee digital assets classified as securities, while the CFTC would manage those deemed commodities. The CLARITY Act also proposes exemptions for certain decentralized cryptocurrencies from the Securities Act of 1933 registration requirements, provided they meet specific criteria. This move is expected to reduce legal risks and compliance costs for crypto businesses, potentially encouraging greater institutional participation in the market. The bill's review follows a delay from last year and reflects a concerted effort to provide legal certainty for the multi-trillion dollar crypto industry.