Two Senate committees set Jan. 15 hearings to vote on sweeping crypto market structure legislation

The Senate Agriculture Committee and the Senate Banking Committee are both scheduled to hold markup hearings on January 15 to advance sweeping legislation aimed at regulating the digital asset market structure. This movement is significant, as the draft bills seek to allocate jurisdiction between the CFTC and the SEC, though versions differ between the House and Senate. The Senate Banking Committee's version introduces a term for "ancillary assets," while the Agriculture Committee's draft grants new authority to the CFTC. If both committees pass their versions, the bills will be reconciled before a full Senate vote, and subsequently reconciled with the House's passed bill, the Digital Asset Market Clarity Act, before potentially heading to the President's desk. Expected discussion points during the markups include President Trump's potential conflicts of interest regarding crypto and the treatment of yield-bearing stablecoins, an issue where banking groups are seeking tighter regulation, while industry figures like Coinbase's Chief Policy Officer argue against it, citing competition concerns.

(Source：The Block)