Important Information
[Senate Releases Latest Developments on the 'Digital Asset Market Clarity Act': Banking Committee to Review on January 15 and Release Key Points of New Draft]
Overview: Tim Scott, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, announced that on January 15 local time, H.R. 3633 (Digital Asset Market Clarity Act of 2025) will be reviewed; several mainstream media outlets reported that the Senate has released the latest draft of the 'Market Structure/Clarity Act', focusing on clarifying when something is a security and when it is a commodity, and intends to grant the CFTC clearer authority over the spot crypto market. This development aligns with the version passed by the House last year. There remains room for negotiation on anti-money laundering/DeFi provisions at the Senate level. (http://banking.senate.gov)
Impact/insights: If the bill progresses, it will provide a unified standard for determining token attributes and exchange regulation, alleviating the uncertainty of overlapping regulations between the SEC and CFTC, boosting risk appetite in the short term and paving the way for institutional entry; however, in the medium term, compliance obligations and enforcement boundaries around decentralized protocols may still become points of contention, and the timing of legislation and final text remains uncertain.
(Bill information page: https://congress.gov/bill/119th-congress/house-bill/3633/text/ih)
[Bipartisan senators propose the (Blockchain Regulatory Certainty Act): Clarifying the status of 'non-custodial infrastructure' for developers]
Overview: Senators Cynthia Lummis (Republican) and Ron Wyden (Democrat) jointly introduced the (Blockchain Regulatory Certainty Act) on January 12, clarifying that developers and infrastructure providers who 'only write/maintain open-source code and do not touch user funds' should not be defined as money transmitters.
Impact/insights: If this proposal progresses, it will directly reduce regulatory uncertainty for open-source development and non-custodial services, alleviating concerns in recent years about 'being subject to regulatory oversight' for nodes, wallets, routers, and other infrastructure; it may also complement the Senate's 'Market Clarity Act' asset classification/market structure framework.
(U.S. Republican information release page: https://lummis.senate.gov/press-releases/lummis-wyden-introduce-bipartisan-legislation-to-protect-blockchain-developers-from-money-transmitter-requirements/)
[Supplement: Reuters reports that senators have released a 'long-awaited' draft of crypto market rules, with the industry focusing on 'CFTC's greater spot authority' and 'the next steps after the stablecoin bill']
Overview: Reuters reported on January 13 that the Senate has introduced a 'long-awaited' draft of crypto market rules, focusing on the division between securities/commodities and the role of the CFTC in the spot market, continuing the regulatory push following last year's implementation of the federal stablecoin law (GENIUS Act).
Impact/insights: Policy pulses continue to drive price and sentiment fluctuations, but reports also indicate that with the mid-term elections approaching, there are divergences around anti-money laundering and DeFi governance, leaving the legislative outlook uncertain, and trading levels need to guard against policy expectation gaps.
(Reuters: https://reuters.com/legal/transactional/us-senators-introduce-long-awaited-bill-define-crypto-market-rules-2026-01-13)
Industry dynamics
[CFTC establishes the 'Innovation Advisory Committee' (focusing on crypto and AI and other cutting-edge technologies), with several executives from crypto companies and traditional institutions proposed as founding members]
Michael S. Selig, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced the renaming and restructuring of the former 'Technical Advisory Committee' into the 'Innovation Advisory Committee' (IAC), focusing on the application of cutting-edge technologies such as blockchain, artificial intelligence, and cloud computing in financial markets. The previous members of the 'CEO Innovation Council' (including heads of crypto and prediction market companies) are proposed to be founding members, and more members will be recruited from the public. Multiple media outlets have reported that candidate members include Gemini, Kraken, Polymarket, Kalshi, as well as Nasdaq, CME, ICE, and Cboe.
Related assets: BTC, ETH, and other mainstream assets (spot and derivatives). The AC will provide recommendations to the CFTC on market structure and technology applications, which may influence regulatory standards and exchange product rules. Exchange and market infrastructure stocks, including Nasdaq (NASDAQ:NDAQ), CME Group (NASDAQ:CME), Cboe (CBOE:CBOE), and Intercontinental Exchange (NYSE:ICE), have been reported as potential members, with expectations of increased policy interaction.
(CFTC information release page: https://cftc.gov/PressRoom/PressReleases/9167-26)
[Polygon accelerates the acquisition of 'stablecoin payment infrastructure' with over $250 million]
Polygon Labs announced the acquisition of payment company Coinme and crypto infrastructure company Sequence (with a total consideration exceeding $250 million), aiming to enter B2B settlement after the implementation of the GENIUS stablecoin law and gradually expand to the C-end, taking a partnership approach with Visa/Mastercard in the short term.
Related assets: POL (formerly MATIC), directly related to platform strategy and the expectation of payment/settlement implementation.
(Reuters: https://reuters.com/business/polygon-targets-stablecoin-payments-with-deals-worth-250-million-2026-01-13)
Price dynamics
[Bitcoin]$BTC
Driving analysis: Mainly driven by the policy expectation of 'the Senate advancing the market structure/clarity bill and determining the review on January 15', in addition to fluctuations brought about by tariff and geopolitical news.
[Polygon]$POL
Driving analysis: Mainly driven by Polygon's announcement of the acquisition of Coinme and Sequence, and the enhancement of stablecoin payment infrastructure, the market interprets this as a sign that network demand and ecosystem closure are expected to strengthen.
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