- Senate Agriculture Committee plans Jan. 27 markup on crypto market structure bill.
- CFTC authority expansion proposed, with new bipartisan amendments filed.
- Senate Banking bill delayed amid Coinbase criticism and stablecoin concerns.
U.S. lawmakers are moving forward with legislation to reform the crypto market structure as the Senate Agriculture Committee prepares for a markup on Jan. 27. New amendments have been filed to the draft bill, while weather-related delays and ongoing bipartisan negotiations continue to shape the legislative timeline.
The Senate Agriculture Committee released updated legislative text this week that would expand the Commodity Futures Trading Commission’s authority over digital assets. Committee Chair John Boozman acknowledged unresolved policy differences but said the bill shows months of stakeholder input and bipartisan work.
The committee has scheduled a markup session for Jan. 27. However, severe weather disruptions have postponed earlier votes, and committee staff said there is nothing new to announce regarding any possible changes to the schedule. New amendments filed include provisions from the bipartisan Credit Card Competition Act, which seeks to prohibit network exclusivity requirements for credit cards.
Parallel Efforts Across Senate Committees
Sen. Kirsten Gillibrand said lawmakers are working on two separate bills to address the structure of the crypto market. The Agriculture Committee legislation focuses on digital commodities and the CFTC, while a separate bill under the Senate Banking Committee addresses securities and banking oversight under the SEC.
Gillibrand said senators across both committees have been negotiating for several months and continue to work in a bipartisan manner. She expressed belief that the Agriculture Committee markup will proceed as planned, even as negotiations continue.
Banking Committee Bill Faces Delays and Industry Pushback
The Senate Banking Committee postponed its planned Jan. 15 markup after industry opposition, including criticism from Coinbase. The committee has not set a new date for its hearing, and discussions are ongoing, according to Chair Tim Scott.
Coinbase CEO Brian Armstrong said the draft text raised major concerns, including provisions that could restrict stablecoin rewards and allow banks to limit competition. The banking sector has argued that stablecoin rewards could lead to deposit outflows from traditional banks.
Gillibrand noted that lawmakers are seeking bipartisan language to address these concerns while maintaining consumer protections and clarifying differences between stablecoins and bank deposits.
Related: Trump Says Major Crypto Market Structure Bill Could Be Signed Soon
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Source: https://coinedition.com/senate-pushes-ahead-with-crypto-market-structure-bill/
