Winter Storm Forces Postponement of Crypto Regulation Events, SEC-CFTC Summit Rescheduled
A severe winter weather system that forced Monday closures of the US Senate and numerous federal offices prompted the postponement of key cryptocurrency regulatory proceedings.
Two federal financial regulatory bodies and the US Senate Agriculture Committee have postponed critical proceedings concerning digital asset oversight following a severe winter weather system that brought widespread disruption to multiple regions of the nation throughout the weekend.
According to a representative speaking with Cointelegraph on Monday on behalf of Senate Agriculture Committee Chair John Boozman, the committee will reschedule its planned markup session for its crypto market structure legislation from its original Tuesday slot to Thursday. The proposed legislation, known as the Digital Commodity Intermediaries Act, represents the committee's effort to create definitive regulatory guidelines for the Commodity Futures Trading Commission (CFTC) regarding oversight of digital assets.
Beyond the congressional postponement, the CFTC announced on Monday that a collaborative meeting focused on cryptocurrency oversight coordination with the US Securities and Exchange Commission (SEC) would similarly be pushed back two days, shifting from Tuesday to Thursday. The meeting is scheduled to feature CFTC Chair Michael Selig alongside SEC Chair Paul Atkins, who will address topics related to "harmonization between the two agencies" concerning digital asset regulation.
While neither announcement specifically referenced the rationale behind the postponements, they were presumably connected to a severe winter weather system that swept across numerous US regions throughout the weekend, resulting in widespread power failures, hazardous icy surfaces and numerous flight cancellations. On-the-ground accounts from Washington, DC, characterized "treacherous road conditions" with the vast majority of educational institutions remaining closed.
The Agriculture Committee's scheduled markup represents the Senate's second effort to tackle crypto market structure legislation following Republican leadership's decision within the Senate Banking Committee to cancel the markup of comparable legislation two weeks prior. Chair Tim Scott declared the event would be postponed without a fixed reschedule date after Coinbase CEO Brian Armstrong published a social media statement indicating that the cryptocurrency exchange would be unable to endorse the legislation in its current form.
Senate Democrats seek ethics amendments in market structure
Within the collection of 11 amendments that Agriculture Committee legislators are anticipated to review during the markup session are proposed modifications designed to tackle potential conflicts of interest involving US government officials potentially profiting from cryptocurrency industry activities and concerns regarding foreign interference.
Senator Michael Bennet put forward an amendment that would integrate elements from the Digital Asset Ethics Act into the broader market structure legislation, with specific provisions designed to prohibit individuals seeking election to Congress or the White House from participating in digital asset transactions.
For successful passage out of committee, the legislation will probably require securing at least partial Democratic backing before advancing to a full Senate floor vote. Nevertheless, numerous cryptocurrency community members are raising concerns that the US government might face a shutdown at the conclusion of January should lawmakers prove unable to reach consensus on funding legislation. Such a shutdown would presumably create additional delays in the progression of market structure legislation through the Senate.