The Senate Agriculture Committee is progressing with legislation aimed at reforming the crypto market structure, scheduling a markup session for January 27. This initiative comes as U.S. lawmakers strive to clarify regulations surrounding digital assets, particularly focusing on expanding the authority of the Commodity Futures Trading Commission (CFTC).
Recently released legislative text indicates that months of discussions and stakeholder input have shaped the bill. Committee Chair John Boozman acknowledged ongoing policy disagreements but emphasized the bipartisan nature of the effort. However, severe weather has delayed earlier votes, and committee staff confirmed that there are currently no updates on potential schedule changes.
New amendments have been introduced, incorporating elements from the bipartisan Credit Card Competition Act, which aims to eliminate network exclusivity requirements for credit cards. This addition reflects the committee”s commitment to fostering a competitive environment within the financial sector.
In parallel, Senator Kirsten Gillibrand has indicated that lawmakers are developing two distinct bills addressing the crypto market structure. While the Agriculture Committee”s legislation targets digital commodities and the CFTC, a separate initiative under the Senate Banking Committee focuses on securities and banking oversight through the SEC.
Despite the push from the Agriculture Committee, the Banking Committee has encountered setbacks. It postponed its planned January 15 markup following significant industry pushback, particularly from Coinbase. The committee has yet to announce a new hearing date, with discussions ongoing. Coinbase CEO Brian Armstrong expressed concerns regarding provisions that might restrict stablecoin rewards and allow banks to limit competition.
As negotiations unfold, lawmakers are striving for bipartisan language that addresses these industry concerns while ensuring consumer protections. Kirsten Gillibrand remains optimistic about the Agriculture Committee”s markup proceeding as planned, despite the ongoing discussions between the two committees.
Overall, the legislative efforts signify a critical step toward establishing a more defined regulatory framework for the crypto market in the United States, which has been a subject of intense scrutiny and debate.
