Senate’s Progress on Crypto Market Structure Bill Faces Delays
The much-anticipated crypto market structure legislation continues to face delays as Senate committees work through finalizing their drafts. Lawmakers initially planned for a markup session in November, but the schedule has now shifted to December. The delay arises amid ongoing debates and unresolved policy issues, leaving many watching this development closely.
Senators John Boozman and Cory Booker are spearheading a bipartisan effort to define the regulatory framework for crypto markets. Their proposed structure aims to resolve the jurisdictional overlap between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), balancing innovation and oversight.
Drafting Challenges Amidst Government Stalemates
Recent government funding impasses have slowed progress, forcing staffers to work overtime to finalize the two competing drafts from the Agriculture and Banking Committees. According to reports from industry sources, the committees are yet to resolve key provisions, leaving gaps in the draft that are currently labeled as placeholder brackets.
One of the primary sticking points is determining agency jurisdiction and providing clarity on consumer protection regulations. Insiders suggest that while drafts may be ready soon, formal markup sessions won’t begin until December at the earliest.
White House Optimism Despite Delays
White House Advisor David Sacks remains optimistic about progress. After discussions with Senators Boozman and Booker, Sacks described the situation as “encouraging,” underscoring ongoing administration support for bipartisan collaboration. However, the outcome remains dependent on both committees aligning on final policy details.
As the draft text undergoes revisions, anticipation builds around how the legislation will impact the crypto industry. Investors and businesses in the digital assets space hope for a clear and balanced framework to foster innovation while safeguarding consumer interests.
What’s Next for Crypto Legislation?
Insider sources suggest that committee members may work over the Thanksgiving weekend if the government reopens. However, with a tight December schedule, concluding the markup process before year-end is now a challenge. Observers are urged to stay updated as the story unfolds.
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