Senate Agriculture Committee delays crypto market-structure bill markup to late January

The US Senate Agriculture Committee has pushed its markup of the crypto market-structure bill to the last week of January, saying it needs more time to garner support for the legislation. Committee Chairman John Boozman said he wanted to advance a bipartisan-supported bill and has "made meaningful progress and had constructive discussions as we work toward this goal." "To finalize the remaining details and ensure the broad support this legislation requires, additional time is needed before moving to markup," he added.

"The committee will mark up this legislation during the last week of January." The committee, which oversees the Commodity Futures Trading Commission, had initially slated a markup to coincide with a Senate Banking Committee markup that oversees the Securities and Exchange Commission; that Banking Committee markup is still to go ahead.

The crypto industry is highly anticipating the bill, as it would define how the SEC and the CFTC would police the crypto market, the Senate Agriculture Committee Republicans said. Some of the changes lawmakers and lobbyists are pushing include a ban on all stablecoin yield payments and new ethics provisions.

A number of Democratic senators are pushing conflict-of-interest guardrails, with provisions to prohibit public officials, including President Donald Trump, from profiting from any connections to crypto companies.

Key Topics

Crypto, Senate Agriculture Committee, John Boozman, Cftc, Sec, Stablecoin Yields