Senator Boozman Confirms No Agreement on Market Structure Bill

The US Senate Agriculture Committee released a Republican draft of the market structure bill, which includes protections for crypto developers, setting it up for a markup next week.

US Senate Agriculture chair John Boozman says the panel’s Republicans have yet to find middle ground with Democrats on several “fundamental policy issues” related to crypto market structure legislation.

Boozman’s comments came as the Senate panel released a Republican draft of the bill on Wednesday, ahead of a scheduled markup on Tuesday, Jan. 27. The draft does not have the support of the committee’s Democrats, he said.

“While differences remain on fundamental policy issues, this bill builds on our bipartisan discussion draft while incorporating input from stakeholders and represents months of work,” said Boozman.

An excerpt of the Republican draft crypto bill shared by John Boozman. Source: Senate Agriculture Committee

The bill aims to create a framework for how crypto markets will be regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Republican bill includes crypto dev protections 

Crypto attorney James Murphy, known online as “MetaLawMan,” explained that the bill “creates a path for DeFi to steer clear of CFTC regulation.”

It provides protection for DeFi software developers and certain service providers from liability under CFTC rules and regulations, he said. 

Related: Crypto bill could see delays as Senate focuses on affordability: Report

The bill also omits any regulation of stablecoin yield, as that fits under the jurisdiction of the Banking Committee, Murphy explained. 

Bill Hughes, a lawyer at Ethereum software solutions provider Consensys, elaborated: 

The release of the draft bill comes amid reports of a potential delay to the Senate Banking Committee’s version of the crypto market structure bill to February or March.

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