The Senate Agriculture Committee has shared its updated crypto market bill ahead of its January 27 markup. The new draft was, however, released with bipartisan support as they failed to reach an agreement with the Democrats.
Crypto Market Bill Heads to Markup Without Bipartisan Support
U.S Senate Committee on Agriculture Chairman John Boozman announced the release of the updated draft for consideration in its markup next week.
This builds on the previously released bipartisan draft that would give the United States CFTC oversight on digital assets. However, the new draft was without the support of the Democrats as they failed to reach an agreement on some of the details of the crypto market bill.
Additionally, Eleanor Terrett went on to say that the bill had no progress as the negotiations were already over two weeks. However, she clarified that while the Senate Banking committee had a fixation on gaining bipartisanship for its bill, the Agriculture committee would move its bill.
On the other hand, it appears that the Banking Committee Draft also finds itself in a limbo in terms of progress. This happens at a time when the banks are at odds with the crypto firms over the yield rate with respect to stablecoins.
There are reports that indicate that they might postpone their crypto market bill markup until late March because of a shift in their attention to President Trump’s housing policies.
What Changes Were Made to the New Draft?
The Senate Ag bill targeted the regulation of digital assets by the CFTC. It encompasses the formulation of guidelines for registration and compliance for crypto services.
On the legislative front, it was necessary for the CLARITY Act to flesh out details regarding how assets can be categorized. The Act also provided greater clarity regarding jurisdiction over the supervision of crypto markets between SEC and CFTC.
It appears that the current draft shows confidence in passing the partisan crypto market bill before the close of the year by the committee. It is also important to note that the White House urged speed in the progress of this bill, as it was reported that the government was withdrawing its support for this piece of legislation.
Continuing from the need to regulate the bill. President Trump said in Davos that the Senate was not resting on their efforts to ensure that this bill becomes an act. He wishes to soon sign this bill to open America to more financial avenues.
Source: https://coingape.com/senate-ag-releases-crypto-market-bill-draft-amid-democrats-backlash-heres-what-to-know/
