Senate Ag Committee Delays Crypto Market Structure Bill Markup
The U.S. Senate Agriculture Committee has postponed its markup of the crypto market structure bill until the final week of January, citing the need for additional time to build bipartisan support.
Committee Chairman John Boozman said on Monday that he aims to advance legislation with backing from both parties and noted that “meaningful progress” has been made through “constructive discussions.” He added that more time is required to complete outstanding details and secure broad support, and confirmed the committee will proceed to a markup in the last week of January.
The measure is closely watched by the digital asset sector, as it would clarify how the Securities and Exchange Commission and the Commodity Futures Trading Commission oversee the U.S. crypto market.
Source: Senate Ag Committee Republicans
The Agriculture Committee, which has jurisdiction over the CFTC, had initially planned to hold a markup on Thursday to align with a parallel markup of the same bill by the Senate Banking Committee, which oversees the SEC. The Banking Committee’s markup is still expected to go ahead.
The Senate’s market structure proposal is separate from the House’s CLARITY Act, which passed in July, due to procedural differences between the chambers.
Requests for ethics provisions and stablecoin yield changes
Lawmakers and industry stakeholders are seeking several changes, including a blanket ban on stablecoin yield payments and the addition of ethics-related provisions.
Multiple Democratic senators are advocating for conflict-of-interest safeguards, including measures to prevent public officials, such as President Donald Trump, from profiting from ties to crypto companies.
Banking industry lobbyists have called for a prohibition on third-party platforms, including crypto exchanges, from offering stablecoin yield products, following the GENIUS Act’s restriction on such offerings by issuers. Share your thoughts on this on Facebook, Twitter or Telegram.
Crypto trade groups and companies are urging lawmakers to exclude software developers and non-custodial platforms from being categorized as intermediaries subject to financial regulations.
Investment bank TD Cowen said earlier this month that the midterms may reduce support for the bill, making passage more likely in 2027, with final implementation in 2029.
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