Lawmakers begin debating amendments to a sweeping digital asset market structure proposal as Congress looks to clarify oversight of crypto markets.
US lawmakers are beginning a key markup session Thursday morning on a long-awaited crypto market structure bill, marking a pivotal step in Congress’ effort to establish clearer rules for digital asset markets.
The bill has been months in the making and follows sustained pressure from the crypto industry and some lawmakers to move beyond enforcement-led regulation. Today’s session may signal how much bipartisan support remains and which provisions may face resistance as lawmakers debate the future framework for US digital asset markets.
This live blog will track key moments and reactions as the markup unfolds.
Jan. 29 3:46 pm UTC
Chair Boozman and ranking member Klobuchar give opening remarks
Committee Chair John Boozman and ranking member Amy Klobuchar addressed lawmakers before considering amendments on Thursday. According to Boozman, the committee had made “really significant progress” on the market structure bill, but noted that any efforts had to be combined with those in the Senate Banking Committee, which postponed its own markup after Coinbase said it could not support its version of the bill as written.
Klobuchar added that there had been “good” progress on the bill, but not enough to gain bipartisan support, including on provisions to prevent lawmakers from engaging with the crypto industry. Her remarks signaled that she would be pushing her amendment to have the CFTC have at least four Senate-confirmed commissioners before the market structure bill would be effective:
“We can’t give this CFTC this broad new authority when it only has one member, one Republican member.”
Jan. 29, 3:32 pm UTC
Lawmakers on the Senate Agriculture Committee expected to vote on 11 amendments
The digital asset market structure bill, called the Digital Commodity Intermediaries Act in the Senate Agriculture Committee, will be under consideration as lawmakers vote on amendments related to leadership at the US Commodity Futures Trading Commission (CFTC), ethics, and foreign interference in US markets. Although an amendment proposed by Senator Roger Marshall related to credit card swipe fees is still on the committee’s schedule, reports suggested that he would not push for such provisions in the bill.
This is a developing story, and further information will be added as it becomes available.
