U.S. Senate Banking Committee expected to markup 'virtual asset market-structure bill' next week

The U.S. Senate Banking Committee could begin markup (markup·discussion and amendment procedure before referral to the plenary) of a virtual asset (cryptocurrency) market-structure bill as early as next week, according to projections.

On the 9th (local time), crypto-focused outlet The Block reported that pro-crypto Senator Cynthia Lummis said she expects the market-structure bill markup to take place in the Senate Banking Committee before the Christmas recess.

The bill aims to establish a regulatory framework for the virtual asset industry. The core is to delineate regulatory roles between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and it is reported to partially relax registration obligations under the Securities Act of 1933 for virtual assets that meet certain conditions.

If the markup materializes, observers say Senate-level discussions on market structure could pick up speed as the year-end approaches. However, the future legislative path could change depending on the actual voting schedule and the extent of adjustments to the bill's wording.