Crypto bill clears U.S. Senate milestone as effort advanced through first committee
U.S. Senate crypto market structure legislation passed its first committee hurdle with a party-line vote, setting up further negotiations.Summary
The U.S. Senate Agriculture Committee formally advanced a key piece of crypto market structure legislation, marking the furthest this effort has progressed in the Senate. The advancement occurred via a swift 12-11 party-line vote, driven by Republicans after Chairman John Boozman stepped away from bipartisan negotiations. Democrats opposed the Republican preferences, emphasizing the need for a bipartisan version, though Boozman acknowledged the text can be updated. The bill now faces the Senate Banking Committee, which handles more controversial elements like stablecoin yield, and has been delayed. The White House plans meetings to find common ground, especially regarding ethics demands from Democrats that would block President Trump and officials from personally benefiting from crypto interests. For the bill to become law, it must pass both Senate committees, be reconciled into a single Senate bill, pass the House (which already approved its version), and finally be signed by the President.
(Source：CoinDesk)