The crypto market structure bill is behind schedule in the Senate, with the drafting process still incomplete. The markup session could be delayed to December due to the extended process.
Senate Falters on Crypto Market Structure Bill Draft Completion
According to Crypto America, staffers and advisors in the Senate have worked relentlessly to iron out disagreements over several critical aspects of the crypto market structure bill.
Lawmakers from both the Banking and Agriculture Committees are said to be “heads down.” They are still working to iron out disagreements over how digital assets are to be regulated by the CFTC and the SEC.
Although it was hinted at by insiders that a finalized draft could emerge this week, no text has surfaced so far. Earlier reports suggested that a bipartisan framework was nearing completion. However, new feedback from committee members introduced last-minute revisions.
White House Crypto and AI Czar David Sacks recently held a conference call with the bill’s key architects. He expressed optimism about progress but cautioned that several policy gaps remain.
A version by the Senate Agriculture Committee will include “bracketed” section. That is a signal that agreement has not been reached on provisions related to DeFi, for example, and stablecoin oversight.
Timeline Slips Due To Senate Splits
While initially hoping to get a markup done pre-Thanksgiving, the Senate now seems unlikely to meet that mark. With Congress headed out on recess next week, December seems a more likely timeline for markup. But as several insiders have reminded, “nothing in Congress is ever certain.”
It is not the first setback against the crypto market structure bill, which had strong momentum after its passage in the House earlier this year but has faced months of delay. Disagreements over how DeFi platforms should be classified and a recent government shutdown derailed the legislative schedule.
The shutdown forced many lawmakers to shift focus toward reopening federal agencies, including the SEC and CFTC. Senator Cynthia Lummis shared in a recent statement that bipartisan talks are “granular but tremendously productive.”
Beyond the procedural delays, the outcome of the crypto market structure bill will have major implications for the future of digital asset regulation in the United States.
In fact, the legislation attempts to set a clear differentiation between commodities and securities, which would go a long way in providing much-needed clarity to exchanges, stablecoin issuers, and DeFi operators.
Meanwhile, other jurisdictions like the U.K. are already advancing. Only recently, the Bank of England confirmed that it would release a consultation paper on stablecoin regulation.
Source: https://coingape.com/breaking-crypto-market-structure-bill-faces-delay-amid-u-s-senate-drafting-issues/
