Breaking: Senate Commences Markup Process for Highly Anticipated Digital Asset Regulation Bill
On Thursday, members of the US Senate launched a crucial markup session focused on a highly anticipated bill addressing cryptocurrency market structure, representing a critical milestone in legislative efforts to create more defined regulatory frameworks for the digital asset industry.
Members of the United States Senate commenced an important markup session on Thursday morning centered on a highly anticipated bill addressing cryptocurrency market structure, representing a critical milestone in congressional initiatives to create more defined regulatory frameworks for the digital asset industry.
Development of the legislation has spanned several months and comes after continuous demands from the cryptocurrency sector and certain members of Congress to shift away from a regulatory approach centered primarily on enforcement actions. The session taking place today could provide insights into the level of bipartisan backing that still exists and identify which elements of the bill might encounter opposition as legislators deliberate on the future regulatory architecture for digital asset markets in the United States.
Key developments and stakeholder responses will be documented in this live blog as the markup session progresses.
Jan. 29, 3:32 pm UTC
Senate Agriculture Committee members anticipated to cast votes on 11 proposed amendments
The legislation addressing digital asset market structure, referred to as the Digital Commodity Intermediaries Act within the Senate Agriculture Committee, will undergo review as committee members cast votes on proposed amendments concerning leadership at the United States Commodity Futures Trading Commission (CFTC), ethical standards, and the prevention of foreign interference in domestic markets. While an amendment put forward by Senator Roger Marshall regarding credit card swipe fees remains listed on the committee's agenda, media reports have indicated that he would likely not advocate for including such provisions in the final bill.
This is a developing story, and further information will be added as it becomes available.