Short Description
A key US Senate committee is set to consider major amendments to a landmark crypto market structure bill, including a proposal that could halt its implementation.
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2 minutes, 30 seconds
Main Article
The path to US crypto regulation faces a critical new phase as the Senate Agriculture Committee prepares to vote on amendments to the Digital Commodity Intermediaries Act (DCIA), a pivotal crypto market structure bill. This long-awaited legislation aims to clarify the regulatory divide between the Commodity Futures Trading Commission (CFTC) and the SEC, providing much-needed clarity for the digital asset industry. However, the process hit a snag as over a dozen proposed amendments were introduced, ranging from ethics rules for officials to competition mandates on payment fees, setting the stage for a complex legislative battle.
One of the most consequential amendments, proposed by Senator Amy Klobuchar (D-MN), could effectively delay the law’s enactment. It stipulates that the CFTC implementation of the new framework cannot begin until the agency has at least four confirmed commissioners—a significant hurdle given the current makeup. Following a series of high-profile departures, including former acting chair Caroline Pham, the CFTC now operates with only a single commissioner, Chair Michael Selig. This CFTC amendment highlights the practical challenges of empowering a financial regulator that is currently understaffed at its highest levels, adding a new layer of uncertainty to the bill’s timeline.
The markup follows a period of turbulence for crypto legislation, with the Senate Banking Committee previously postponing its own markup after industry pushback. The DCIA’s progress is now a focal point, but its final form remains unclear as lawmakers debate these substantial changes. The outcome will not only shape the regulatory landscape but also signal Congress’s capacity to enact coherent digital asset policy. How the committee navigates these amendments will be a crucial test for the future of US crypto regulation and its competitiveness in the global financial market.
Short Summary
The Senate Agriculture Committee’s markup of the Digital Commodity Intermediaries Act is a pivotal moment for US crypto regulation. Key amendments, including one that could delay the law until the CFTC is fully staffed, will determine the bill’s final shape and effectiveness. The outcome will have significant implications for market clarity and the broader regulatory framework governing digital assets in the United States.
