Catenaa, Friday, January 23, 2025- Momentum around US cryptocurrency market structure legislation increased this week after the Senate Agriculture Committee today released its version of a bill that would reshape oversight of digital asset markets, though its path to passage remains uncertain.
Committee Chair John Boozman released the bill text on Thursday, signaling progress while acknowledging unresolved disagreements on core policy issues.
The proposal includes provisions viewed as favorable to decentralized finance and noncustodial software developers, while positioning the Commodity Futures Trading Commission for an expanded role in crypto oversight.
The legislation would need strong bipartisan backing to advance in the Senate, where 60 votes are required. While Republicans are largely aligned, support from at least seven Democrats remains unclear.
Democratic lawmakers have raised concerns in past debates about consumer protections and potential conflicts tied to President Donald Trump’s family involvement in crypto ventures.
The Senate Agriculture Committee plans to hold a markup next week, allowing members to propose amendments and vote on the measure.
Any final bill would also require action by the Senate Banking Committee, where progress has slowed.
A planned markup there was postponed after Coinbase withdrew support, citing disagreements over tokenized equities, decentralized finance oversight, stablecoin rewards and agency jurisdiction.
The House has already passed its Digital Asset Market Clarity Act with some Democratic backing.
White House advisers say the Senate proposal aligns closely with that framework, including clearer boundaries between the Securities and Exchange Commission and the CFTC and disclosure rules for digital asset firms.
With midterm elections approaching, analysts say legislative timing could complicate efforts to push the bill across the finish line.
