Crypto Market Bill Heads to Senate Agriculture Markup Amid Banking Committee Delays

A highly anticipated bipartisan bill aimed at creating a comprehensive regulatory framework for digital assets is scheduled for a crucial markup session in the Senate Agriculture Committee next week. This procedural leap highlights the ongoing difficulty in passing foundational crypto legislation through the traditionally influential Senate Banking Committee.

The legislation, often centered on solidifying the Commodity Futures Trading Commission (CFTC) as the primary regulator for commodity-classified cryptocurrencies, falls under the jurisdiction of the Agriculture Committee, which oversees the CFTC. The move signals an aggressive push by the bill’s sponsors to overcome the stagnation witnessed in the Banking Committee, chaired by Senator Sherrod Brown (D-OH).

Sources familiar with the matter indicate that the Banking Committee has prioritized legislation focused narrowly on stablecoin issuance and consumer protections within existing financial institutions, leading to delays on the broader market structure bill. By moving to the Agriculture Committee, chaired by Senator Debbie Stabenow (D-MI), proponents hope to build momentum and force a legislative debate on the foundational rules governing crypto exchanges and digital asset custody.

The upcoming markup is expected to address key amendments, particularly those defining the boundary between the CFTC’s authority and the Securities and Exchange Commission’s (SEC) jurisdiction. While the Agriculture Committee’s endorsement is a significant step, the bill still requires eventual coordination with the Banking Committee’s priorities and robust support to navigate a full Senate vote, underscoring the fragmented approach Washington is taking toward regulating the rapidly evolving digital economy.

Source: Crypto Market Bill Heads to Senate Agriculture Markup Amid Banking Committee Delays