The virtual asset market's attention is shifting toward U.S. regulatory changes rather than prices. U.S. Senate Republicans have unveiled a 630-page revision of the Clarity Act, raising the question of how the trading structures and business regulatory frameworks for major virtual assets, including Bitcoin and Ethereum, may change as a new variable.

■ 'De Facto Decentralized' Protocols Brought Under Regulation

One key element of the revision is regulation of trading protocols that are decentralized in name only, where specific individuals or groups can effectively control the functions or operational structure. The revision allows registration requirements with the U.S. Commodity Futures Trading Commission (CFTC) to be applied to such 'non-decentralized finance trading protocols.' It also includes provisions directing the CFTC and the U.S. Treasury Department to establish follow-up rules.

As a result, the market is focused on how the Clarity Act will affect virtual asset exchanges, custody, token trading, and DeFi (decentralized finance) business structures in the United States going forward.

■ First Procedural Vote on the 15th... Passage Requires 60 Votes

The bill has not yet been finalized. The U.S. Senate is scheduled to hold its first procedural vote on the 15th (local time). Since 60 votes are needed to pass the bill in the Senate, it is difficult for Republicans to handle it alone, and some Democratic support is needed. Disagreements also remain over ethics provisions, anti-money laundering (AML) rules, and stablecoin yield payments.

■ Market in Wait-and-See Mode... Global Market Cap at $2.74 Trillion

The overall virtual asset market is showing a trend of watching regulatory developments rather than creating clear directional momentum. According to CoinGecko, the global virtual asset market capitalization stands at around $2.74 trillion. 24-hour trading volume was tallied at approximately $108 billion, with Bitcoin's market share at about 56.7% and Ethereum's at about 11.3%.

With Bitcoin accounting for more than half of the total virtual asset market, the altcoin market, including Ethereum, is also likely to keep a close eye on changes in the U.S. regulatory framework.

■ Legislation Separating SEC and CFTC Roles... Too Early to Predict Final Passage

In particular, this discussion goes beyond simply determining whether specific coins are securities; its significance lies in specifying registration obligations for trading protocols and businesses and the roles of supervisory authorities. The Clarity Act's main thrust is to delineate the roles of the Securities and Exchange Commission (SEC) and the CFTC within the U.S. virtual asset supervisory framework and to establish rules applicable to digital assets and trading businesses.

However, the mere fact that a procedural vote is scheduled does not guarantee final passage. Political disagreements remain within the Senate, and the bill must still go through subsequent legislative steps. For the virtual asset market, beyond immediate price movements, how the United States will supervise which digital assets and by what methods has emerged as a mid- to long-term variable.

Depending on the outcome of the Senate vote and subsequent changes to the bill's language, market interpretations of exchanges, DeFi businesses, and the overall token distribution structure could also shift.

[This article is intended for informational purposes and is based on publicly available market information and materials. Virtual assets are highly volatile, and future prices or market trends are not guaranteed. The outlooks and scenarios mentioned in this article do not constitute investment advice, and final investment decisions and responsibility rest with the investor. AI was used in compiling the materials.]