The US Senate Agriculture Committee has approved its portion of the digital asset market structure legislation, advancing the bill out of committee after weeks of debate over its scope, amendments, and regulatory implications.
US Senator Cynthia Lummis confirmed the development in a post on X, saying the committee’s vote brings the legislation “one step closer” to reaching the president’s desk.
The approval follows a markup session held on Thursday, 29 January, where lawmakers reviewed and voted on a wide-ranging set of amendments to the bill, formally titled the Digital Commodities Intermediary Act.
Committee vote clears procedural hurdle
Clearing the Senate Agriculture Committee marks a significant procedural milestone, allowing the legislation to move toward consideration by the full Senate.
Source: X
The committee oversees commodities markets and the Commodity Futures Trading Commission [CFTC], placing it at the centre of ongoing debates over how digital assets should be regulated at the federal level.
The bill is designed to establish a clearer framework for digital commodity intermediaries, with an emphasis on spot market oversight.
While committee approval does not guarantee passage in the Senate, it removes a key bottleneck that has stalled previous efforts to reform the crypto market structure in Congress.
Amendments reshaped the bill during markup
As outlined ahead of the vote, the markup process included first-degree amendments that expanded the bill beyond its original focus on market structure.
Proposals debated during the session addressed ethics rules for federal officials, national security restrictions on foreign-adversary jurisdictions, consumer protection measures, and limits on access to emergency federal lending.
Other amendments sought to clarify the CFTC’s authority over registered intermediaries.
The final version approved by the committee reflects the outcome of those amendment votes.
Next steps move to full Senate consideration
Following committee approval, the bill can now be scheduled for debate in the full Senate, where lawmakers may propose additional amendments or seek to reconcile differences with parallel efforts in the House.
Timing remains uncertain, and further negotiations are expected around agency jurisdiction and enforcement authority.
Still, Thursday’s vote places comprehensive US crypto market structure legislation closer to enactment than at any point in recent years.
Final Thoughts
- Senate Agriculture Committee approval formally advances US crypto market structure legislation toward a full Senate vote.
- The bill’s ultimate impact will depend on how its amended provisions fare in the next legislative stage.
Source: https://ambcrypto.com/us-crypto-market-structure-bill-advances-as-senate-agriculture-committee-approves-legislation/
