- John Boozman pushed the crypto market structure bill to Jan 27 markup despite Democrats withholding full bipartisan support.
- The revised draft expands CFTC oversight, removes DeFi and AML sections, and narrows scope to ease committee passage.
- Banking Committee delays raise pressure, meaning final passage will require reconciling bills and securing 60 Senate votes.
Senate Ag chairman John Boozman released an updated crypto market structure bill ahead of a January 27 markup. The announcement came from the U.S. Senate Agriculture Committee. The draft followed weeks of talks, involved Republicans and Democrats and aimed to expand CFTC oversight, but negotiations failed to secure bipartisan agreement.
Senate Agriculture Committee Moves Forward Alone
John Boozman confirmed the committee would proceed despite unresolved differences with Democrats. He said collaboration improved the bill, although agreement remained elusive. According to Boozman, it was time to advance the legislation to markup.
The updated draft builds on a bipartisan discussion released in November. That earlier version proposed granting the Commodity Futures Trading Commission authority over digital asset markets. However, several provisions then remained unresolved and heavily bracketed.
Notably, the new draft removes all brackets and excludes sections on decentralized finance developers and anti-money laundering. Boozman said the bill reflects months of work and stakeholder input. Democratic Senator Cory Booker participated in discussions, though no final deal emerged.
What Changed in the Latest Draft Text
The bill focuses on regulating digital assets through CFTC registration and compliance requirements. It also clarifies how crypto assets are categorized under federal law. Additionally, it outlines jurisdictional boundaries between the Securities and Exchange Commission and the CFTC.
Earlier drafts raised questions about DeFi oversight, joint rulemaking, and stablecoin treatment. The revised version omits several contested areas. As a result, lawmakers narrowed the scope ahead of markup.
Ji Hun Kim, CEO of the Crypto Council for Innovation, described the release as an important step. He said clear rules support consumer protection and regulatory clarity. His comments followed the committee’s release on Wednesday evening.
Banking Committee Delays Add Pressure
Meanwhile, the Senate Banking Committee has delayed its own crypto bill. The pause followed Coinbase’s withdrawal of support over stablecoin rewards and tokenized equities. Banking and crypto groups continue to dispute stablecoin yield provisions.
Reports indicate the Banking Committee may delay markup until late March. Lawmakers shifted focus toward President Donald Trump’s housing affordability agenda. Trump recently signed an executive order restricting Wall Street home purchases.
The Agriculture Committee plans its January 27 markup despite these delays. Any final legislation must reconcile both committee versions. Senate passage would still require 60 votes, including some Democratic support.
