After weeks of intense discussions, the push to secure Democratic support for the U.S. Senate’s crypto market structure bill has hit a major setback.
Despite this, a new draft of a crypto market structure bill has been released by the Senate Agriculture Committee, a step that could decide whether new crypto rules move forward or face more delays.
Crypto Bill Moves Forward Without Democratic Support
The Senate Agriculture Committee, led by Republican Senator John Boozman, has released a new draft of the crypto market structure bill after talks with Democrats failed to reach an agreement. As a result, the bill is moving ahead without bipartisan support.
However, this bill is focused on creating clear rules for how crypto assets should be handled in the United States. Now, the draft is scheduled for discussion at the January 27 markup meeting.
Committee Chairman Senator John Boozman said that while talks with Democrats did not succeed, the bill must still move ahead. He noted that long discussions have already helped improve the draft, and delaying it further would only increase confusion in the crypto market.
What the Crypto Market Bill Is Trying to Do
The main goal of the bill is to give the Commodity Futures Trading Commission (CFTC) more power to oversee the crypto market. It also aims to clearly explain which digital assets fall under the CFTC and which are regulated by the Securities and Exchange Commission (SEC).
Additionally, the bill also sets basic rules for crypto companies, such as exchanges and service providers, including how they should register and follow compliance standards. Supporters believe this will bring clarity and help the industry grow more safely.
Banking Committee Still Facing Delays
While the Agriculture Committee is moving ahead, the Senate Banking Committee is still stuck on its own crypto bill. Disagreements over stablecoins, especially around interest-like rewards, have slowed progress.
There are reports that the Banking Committee may delay action until late March as it focuses on other political matters. Since most legislation in the Senate requires 60 votes, passing a party-line crypto bill will be significantly harder.
President Trump has also said he wants the bill passed quickly so he can sign it into law, calling it an important step toward opening new financial opportunities.
Even if the bill passes the committee vote, it still faces a long road.
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