Chairman of the U.S. Senate Banking Committee, Tim Scott, will hold a hearing on the Crypto Asset Market Structure Act on January 15. The basic framework of this bill references the Digital Asset Clarity Act passed by the House, with the core content being to clarify the regulatory division between the SEC and CFTC. However, issues such as the regulation of DeFi, the issuance rules for stablecoins, and the classification of certain special assets may become major obstacles to the bill's passage. Whether these disagreements can be resolved during the hearing will directly impact the subsequent legislative progress.