New Delhi, May 16 -- The Senate Banking Committee advanced a landmark digital asset market structure bill Thursday after months of negotiations, signaling fresh momentum for the long-stalled measure.

The so-called Clarity Act would establish the Commodity Futures Trading Commission as the primary regulator for large parts of the crypto industry while the Securities and Exchange Commission would retain authority to oversee digital securities.

"This legislation does not take sides between traditional finance and new technology," said Senate Banking Committee Chair Tim Scott. "It brings digital assets out of the shadows and into a system that is safer, fairer and more transparent."

The bill now heads to the Senate floor, where lawmakers w...