U.S. Senate Agriculture Committee releases revised crypto market structure bill…bipartisan agreement falls short

The U.S. Senate Agriculture Committee has released a revised version of legislation governing the structure of the crypto-asset market and will begin a formal review process next week. However, it has not reached a final agreement with Democrats, leaving political differences still unresolved.

According to materials released on the 21st (local time) by Eleanor Terrett, host of Crypto America, the Senate Committee on Agriculture, Nutrition, and Forestry published the latest legislative text of the crypto market structure bill. The bill is an amended and supplemented version based on a draft previously discussed on a bipartisan basis, with a central provision granting the Commodity Futures Trading Commission (CFTC) regulatory authority over digital commodities.

Sen. John Boozman, chairman of the Senate Agriculture Committee, said in a statement, "We broadly reflected stakeholder input as we strengthened consumer protections and granted new authorities to the CFTC," adding that "we improved the legislation through months of discussions and collaboration." He also expressed gratitude for the contributions of Sen. Cory Booker and his staff.

Boozman, however, voiced disappointment that a final agreement with Democrats was not reached. He said, "Differences in views remain on fundamental policy issues," adding, "It is regrettable that we were unable to reach a complete agreement."

Even so, Boozman made clear he would not delay the legislative process any further. "Now is the time to move this legislation forward," he said, adding that he "looks forward to next week’s scheduled markup."

Based on the revision, the Senate Agriculture Committee is set to hold an official markup meeting next Tuesday at 3 p.m. (U.S. Eastern Time). If it clears the process, the crypto market structure bill is more likely to advance to the stage of debate on the Senate floor.