Senate Agriculture Committee unveils crypto market structure bill text, but chair says ‘differences remain’

The U.S. Senate Agriculture Committee released updated draft bill text for a crypto market structure legislation ahead of a hearing scheduled for next week. Republican Chair Senator John Boozman stated that while he collaborated with Democrat Senator Cory Booker to advance consumer protections and grant new authority to the CFTC, "differences remain on fundamental policy issues." This latest draft removes brackets present in a previous discussion draft, omitting sections on decentralized finance, joint rulemaking scope with the SEC, and treatment of certain blockchain developers. The bill must eventually reconcile with a version from the Senate Banking Committee, which oversees the SEC and has faced its own setbacks, including Coinbase withdrawing support over concerns regarding tokenized equities and stablecoin rewards. The stablecoin reward issue remains contentious, pitting banking groups against the crypto industry.

(Source：The Block)