The US Senate Agriculture Committee is set to release an updated market structure bill.
The US Senate Agriculture Committee, one of two committees considering legislation to establish a digital asset market framework, is expected to release the text of the plan by the close of business on Wednesday.
Chairman John Boozman said last week that the committee would release its version of the Digital Asset Markets Transparency (CLARITY) Act on Wednesday and scheduled a markup hearing for next Tuesday. However, Coinbase won support for the bill in the Senate Banking Committee last week and successfully blocked the proposed token, so the committee did not announce any changes.
Some Senate Democrats have been pushing for more restrictions on decentralized financing in the Market Structure Act. Along with Coinbase, the banking committee is pulling support for the bill and regarding the wording of the text regarding interest and stablecoin rewards, it is not clear that any piece of this legislation has enough political momentum to make it out of committee.
“*There will be a crypto market structure bill* — the question is when, not if,” White House crypto adviser Patrick Witt said in Tuesday's X-Post. “To imagine that a multi-trillion dollar industry can continue to operate indefinitely without a comprehensive regulatory framework is pure fantasy.”
At the time of publication, Bozeman had not publicly said whether the Banking Committee's signal extension would affect efforts to pass market structure in the Agriculture Committee. Both parties, which focus primarily on commodities and commodity regulation, respectively, must sign off on their versions of the bill to clear the way for a floor vote in the Senate.
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US President Donald Trump said at the World Economic Forum in Switzerland that he plans to sign the market structure bill into law “soon.” Although some reports indicate that the White House is clashing with Coinbase, CEO Brian Armstrong said the exchange is continuing to speak with authorities.
Will US Midterm Elections Interfere With Market Structure?
The United States will hold midterm elections in November, giving Democrats a chance to win majorities in both the House of Representatives and the Senate. Although the election is still about nine months away, some lawmakers and industry advocates have speculated that the campaign could interfere with efforts to pass market structure legislation.
In October, Sen. Tom Tillis of North Carolina, who also sits on the Banking Committee, said lawmakers were able to pass the bill until “the first part of January, February” because of potential problems with intermediaries. Senate Republicans need at least some Democrats to pass the bill.
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