Crypto: Us Senate Agriculture Committee Advances Crypto Market Structure Bill

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

US lawmakers began 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.

Lawmakers voted on three amendments to the market structure bill, all of which failed along party lines.

Democrats at the markup pushed for bipartisan solutions and ethics provisions to address potential conflicts of interest.

Senator Cory Booker said “we do not want to be criminalizing people who are writing code” as part of the bill.

The committee voted 12-11along party lines to advance the bill.

“The Senate is laser-focused on getting market structure legislation right, and we thank all the lawmakers and stakeholders from across the crypto community who have put in the time and effort to get us to this point,” said Mason Lynaugh, community director of the digital asset advocacy organization Stand With Crypto.

“This bill would provide CFTC spot market authority for digital commodities, clear rules for intermediaries, and robust consumer protections, including listing standards, disclosure requirements, and safeguards for customer property,” said Crypto Council for Innovation CEO Ji Hun Kim, referring to the market structure bill.

“We’re close to the finish line, and now is the moment for leaders on both sides of the aisle to come together and get this done,” said Bobby Franklin, president and CEO of the National Venture Capital Association.

Source: CoinTelegraph