Democratic aide: ‘We are all willing to return to the table’ after Senate Ag crypto talks unravel

The Senate Agriculture Committee's markup for sweeping cryptocurrency legislation, which aims to establish a federal regulatory framework by dividing jurisdiction between the CFTC and SEC, was delayed until Thursday due to weather. A Democratic aide indicated that Democrats are eager to return to negotiations with Republican Chair John Boozman's team to finalize a bipartisan bill, expressing surprise when Republicans presented a new draft in January without them after months of collaborative work.

While the Senate Banking Committee's crypto bill process is also stalled (partially due to Coinbase withdrawing support), the Agriculture Committee process had been viewed as more collaborative. However, the recent release of a Republican-led bill text without Democratic support, and subsequent amendments filed, led Democrats to state they would not support a partisan markup. The committee spokesperson countered that they have reached a point where they must move forward with a vote, as the bill reflects much of the negotiated content.

Analysts suggest that while the White House is pushing for quick passage, the Banking Committee markup may not occur until March or April. If legislation is not enacted, experts warn it could cause a "structural risk premium" to persist in the digital asset industry.

(Source：The Block)