Winter Storm Freezes Crypto Rulemaking in Washington

The US Senate Agriculture Committee postponed a scheduled markup of its crypto market structure legislation as winter weather disrupted travel across Washington and much of the eastern United States. 

The committee confirmed the markup of the Digital Commodity Intermediaries Act was moved from Tuesday to Thursday following the storm. The bill is intended to define how the Commodity Futures Trading Commission (CFTC) regulates intermediaries operating in digital asset markets.

The delay coincided with changes to the broader Senate schedule after flights were cancelled and lawmakers were unable to return to Washington on time. Senate votes tied to government funding were also pushed back earlier in the week due to the same weather disruption. The federal government’s current funding expires on Friday night, increasing pressure on the legislative calendar.

Regulators were similarly affected, with the CFTC and Securities and Exchange Commission delaying a planned joint appearance on crypto oversight. The agencies said the event, featuring CFTC Chair Michael Selig and SEC Chair Paul Atkins, would now take place on Thursday afternoon. The discussion is expected to focus on regulatory harmonisation between the two agencies overseeing crypto markets.

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Second Senate Effort Faces Familiar Obstacles

The Agriculture Committee’s markup represents the Senate’s second attempt this year to advance crypto market structure legislation. A parallel effort in the Senate Banking Committee was postponed earlier in the month and has not yet been rescheduled. That delay followed Coinbase’s withdrawal of support for the Banking Committee’s bill.

Ahead of the Agriculture Committee session, lawmakers filed amendments addressing ethics concerns and conflicts of interest. One amendment was linked to scrutiny of President Donald Trump’s crypto interests, which Bloomberg estimated generated US$1.4 billion (AU$2.03 billion).

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