The U.S. crypto market structure bill passed key Senate procedures despite opposition from Democrats.
PANews reported on January 30th that, according to CoinDesk, the U.S. Senate Agriculture Committee formally advanced the legislative process of the Cryptocurrency Market Structure Act with a 12-11 partisan vote. This marks the first progress the bill has made at the Senate committee level, signifying a new stage in its development. However, due to the entirely partisan voting process and the lack of Democratic support, the bill still faces significant obstacles to unanimous Senate passage. Committee Chairman, Republican John Boozman, stated that significant progress has been made after months of negotiations, and it is time to move forward. However, Democratic chief negotiator Corey Booker criticized the Republicans for withdrawing from negotiations and accused President Trump and his family of profiting from the crypto industry while attempting to push for a regulatory framework lacking ethical constraints. Democrats on the committee unanimously opposed the current version but expressed their willingness to continue negotiations to reach a bipartisan consensus.
The bill still needs to pass the Senate Banking Committee's review, and its progress has been slow due to more controversial provisions involving stablecoin yields. The White House plans to convene another meeting next week to coordinate positions among the crypto industry, the banking sector, both parties, and the administration. If the bill ultimately passes the Senate, it will be integrated with the version that has already passed the House by a large majority before being submitted to the president for signature into law. Analysts point out that the legislative window is narrowing as the midterm elections approach.
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