Crypto: Live: Us Senate Kicks Off Markup Of Long-awaited Crypto Market...

Lawmakers begin debating amendments to a sweeping digital asset market structure proposal as Congress looks to clarify oversight of crypto markets.

US lawmakers are beginning a key markup session Thursday morning on a long-awaited crypto market structure bill, marking a pivotal step in Congress’ effort to establish clearer rules for digital asset markets.

The bill has been months in the making and follows sustained pressure from the crypto industry and some lawmakers to move beyond enforcement-led regulation. Today’s session may signal how much bipartisan support remains and which provisions may face resistance as lawmakers debate the future framework for US digital asset markets.

This live blog will track key moments and reactions as the markup unfolds.

In just over an hour, with only votes on three amendments that failed along party lines, the Senate Agriculture Committee voted 12 to 11 to advance the digital asset market structure bill, setting it up for a floor vote in the full chamber sometime in the future. Lawmakers on both sides noted that the committee would need to combine its bill with the draft under consideration in the Senate Banking Committee before a vote.

“Merging this with the Banking Committee’s text—and doing so on a bipartisan basis—is the only way to get this over the finish line," said Kevin Wysocki, head of policy at Anchorage Digital, in a statement shared with Cointelegraph.

Lawmakers also voted along party lines against an amendment proposed by Democratic Senator Dick Durbin, who suggested that federal agencies “not provide financial assistance to a digital asset commodity intermediary to prevent the failure or bankruptcy of the digital asset commodity intermediary.” Durbin pointed to the collapse of crypto exchange FTX, leading to failures in Silicon Valley Bank and Silvergate Bank.

“Nothing in the bill would grant the CFTC authority to provide assistance to an intermediary in the event of bankruptcy,” said Boozman, adding that “a specific prohibition is unnecessary.”

In a 12 to 11 vote against adopting an amendment proposed by Democratic Senator Michael Bennet, the committee chose not to incorporate ethics provisions into the crypto market structure bill. According to Bennet, the amendment was intended to prevent elected officials from profiting off the crypto industry.

Senators Adam Schiff and Elissa Slotkin, both Democrats, emphasized the need for bipartisanship in their comments to the agriculture committee, but rei

Source: CoinTelegraph