US lawmakers began a key markup session on a crypto market structure bill to establish clearer rules. Three amendments failed along party lines, with Democrats pushing for bipartisan solutions and ethics provisions. The bill was advanced by a 12-11 vote along party lines, receiving industry support for clear rules and consumer protections.
The Senate Agriculture Committee advanced the digital asset market structure bill by a 12-11 vote after voting on three failed amendments. The bill will move to the full chamber for a floor vote in the future. Lawmakers emphasized the need for bipartisan cooperation and combining the bill with the Senate Banking Committee’s draft.
An amendment proposed by Senator Dick Durbin to prevent federal agencies from bailing out digital asset intermediaries failed along party lines. Another amendment by Senator Michael Bennet to incorporate ethics provisions into the bill was also voted down. Democrats focused on ethics and bipartisanship, with concerns about oversight and national security.
Senator Cory Booker highlighted goals for the bill, advocating for collaboration between regulatory agencies and protections for innovative technology. Booker expressed frustration over the lack of bipartisan participation in the bill and criticized President Trump’s involvement in crypto legislation. The need to prevent criminalizing code writers and ensuring ethical frameworks was underscored. Lawmakers on the Senate Agriculture Committee are making progress on the market structure bill, but bipartisan support remains elusive. Efforts must align with the Senate Banking Committee. Senator Klobuchar seeks to ensure the CFTC has at least four Senate-confirmed commissioners before the bill takes effect. The committee is expected to vote on 11 amendments, including those related to CFTC leadership, ethics, and foreign interference in US markets. Senator Roger Marshall’s amendment on credit card swipe fees may not be pushed forward. Source: Senate Agriculture Committee, Jan. 29, 3:32 pm UTC.
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