Senate Ag Committee has released its version of crypto market structure legislation — what happens next

The Senate Agriculture Committee, chaired by John Boozman, has released its version of cryptocurrency market structure legislation, marking a step forward despite remaining disagreements on fundamental policy issues, particularly concerning Democratic support. Bipartisan consensus is crucial, as 60 votes are needed in the Senate, requiring support from seven Democrats. The committee is scheduled for a markup next week, where issues like Democratic concerns over conflicts of interest related to former President Trump's family crypto ventures and consumer protections for DeFi products are expected to be raised. Meanwhile, progress has stalled in the Senate Banking Committee, which faces delays as it shifts focus to housing issues, complicated by Coinbase withdrawing support over concerns regarding tokenized equities and stablecoin rewards. Industry figures view the Ag Committee's bill as a strong foundation, noting its similarities to the House's Clarity Act and provisions protecting noncustodial software developers, though the chances of passage before the November midterms are considered slim.

(Source：The Block)