The U.S. Senate Agriculture Committee releases a version of the Crypto Market Structure Act, with legislative disagreements still remaining

CoinVoice has learned that on Thursday, Chairman John Boozman of the U.S. Senate Agriculture Committee officially announced the committee’s version of the crypto market structure legislation draft. Although the bill has made some progress on topics related to decentralized finance (DeFi), Boozman pointed out that there are still disagreements on “fundamental policy issues,” and it is still a long way from formal legislation. Sources familiar with the matter said that Democratic opposition to the bill is more rooted in political differences, including concerns about potential conflicts of interest involving Trump himself and his family in crypto projects, as well as worries about insufficient consumer protection. According to legislative procedures, the bill needs support from both parties to pass the Senate, requiring at least 60 votes, which means that, based on full support from all Republican senators, at least 7 Democratic senators must be persuaded. Both the Senate Agriculture Committee and the Banking Committee need to hold markup sessions and vote on their respective versions, with the Agriculture Committee’s markup expected to take place next week. However, progress in the Senate Banking Committee has stalled. Previously, due to Coinbase withdrawing support, related markup plans were postponed, with contentious issues including tokenized stocks, DeFi regulation boundaries, SEC and CFTC jurisdictional responsibilities, and stablecoin incentive mechanisms. Bloomberg reported that the Banking Committee might delay the legislative process by several weeks, prioritizing housing and affordability issues instead.