Senator Boozman confirmed that there is no agreement on the market structure law
The US Senate Agriculture Committee has released a draft of the Republican market structure bill that includes protections for crypto developers, preparing for a vote next week.
US Senate Agriculture Chairman John Boozman said the panel's Republicans have not found a middle ground with Democrats on several “fundamental policy issues” related to the Crypto Market Structure Act.
Boozman's comments came as the Senate panel released a draft of the Republican bill on Wednesday, ahead of a scheduled Tuesday, Jan. 27 hearing. The bill does not have the support of the committee's Democrats, they said.
“While differences remain on fundamental policy issues, this bill incorporates stakeholder input and builds on a bipartisan draft that represents months of work,” Bozeman said.
Although it is unfortunate that we were unable to reach an agreement, I am grateful for the cooperation that made this legislation better. Now is the time to move this legislation, and I look forward to the signal next week.
The bill aims to create a framework for how crypto markets are regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The Republican bill includes crypto dev protections
Crypto attorney James Murphy, known online as “MetaLawMan,” explained that the bill “creates a way for DeFi to avoid CFTC regulation.”
He said it protects DeFi software developers and some service providers from liability under CFTC rules and regulations.
Related: Crypto Bill May See Delays as Senate Focuses on Affordability: Report
The bill also leaves any regulation of stablecoin products under the jurisdiction of the Banking Committee, Murphy explained.
Bill Hughes, attorney at Ethereum software solutions provider Consensys, explained:
“In general, digital retailing is becoming more and more popular. Merchandise Commodity is “not just about protocols or users.”
The bill was unveiled amid reports that the Senate Banking Committee's crypto market structure bill could be delayed until February or March.
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