A proposed U.S. cryptocurrency market structure bill advanced out of the Senate Agriculture Committee on Thursday following a party-line vote, highlighting progress on regulation while underscoring the challenges it faces in securing enough support to pass the full Senate.
The legislation would establish a federal framework for crypto markets and grant the Commodity Futures Trading Commission authority to oversee spot cryptocurrency trading.
If enacted, the bill would empower the CFTC to regulate digital commodity exchanges, brokers, and dealers, aiming to provide long-sought legal clarity for the crypto industry.
Senator Cory Booker, the committee’s top Democrat, said he was frustrated that discussions around decentralized finance and related protections were not adequately reflected in the legislation. While acknowledging a potential bipartisan route to passage, Booker indicated that further revisions would be necessary to secure broader support.
Source: Reuters, U.S. Senate Agriculture Committee
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