Crypto: No Deal Yet With Dems On Crypto Bill, Senator Boozman Confirms
The US Senate Agriculture Committee released a Republican draft of the market structure bill, which includes protections for crypto developers, setting it up for a markup next week.
US Senate Agriculture chair John Boozman says the panel’s Republicans are yet to find middle ground with Democrats on several “fundamental policy issues” related to crypto market structure legislation.
Boozman’s comments came as the Senate panel released a Republican draft of the bill on Wednesday, ahead of a scheduled markup on Tuesday, Jan. 27, which did not have the support of the committee's Democrats.
“While differences remain on fundamental policy issues, this bill builds on our bipartisan discussion draft while incorporating input from stakeholders and represents months of work,” said Boozman.
The bill aims to create a framework for how crypto markets will be regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Crypto attorney James Murphy, known online as “MetaLawMan,” explained that the bill “creates a path for DeFi to steer clear of CFTC regulation.”
It provides protection for DeFi software developers and certain service providers from liability under CFTC rules and regulations, he said.
Related: Crypto bill could see delays as Senate focuses on affordability: Report
The bill also omits any regulation of stablecoin yield, as that fits under the jurisdiction of the Banking Committee, Murphy explained.
Lawyer at Ethereum software solutions provider, Consensys, Bill Hughes, elaborated:
Source: CoinTelegraph
