Senate Agriculture Committee advances Crypto Market Structure Bill

The U.S. Senate Agriculture Committee on Thursday advanced the U.S Crypto Market Structure Bill to the full Senate on a party-line vote, after lawmakers voted 12- 11. Committee Chairman John Boozman has also confirmed that the legislation has passed and will be reported.

At the time of publication, the U.S. Senate Agriculture Committee is holding the markup of its version of the market structure legislation. The meeting was meant to offer lawmakers a chance to debate and vote on amendments and possibly advance the bill.

Zero Democrats vote to advance crypto market structure bill

Lawmakers have begun debating and have offered just a handful of amendments within a few hours of the markup. 12 lawmakers have voted to advance the legislation, while 11 have voted against it. 

The bill now advances to the Senate Banking Committee for approval. The Senate Banking Committee also postponed its own markup hearing earlier this month and has yet to reveal a new date.

The Senate markup was allegedly pushed to this week to build bipartisan support. Democrats also urged Committee Chairman John Boozman at the beginning of the hearing to support more bipartisan legislation. However, no Democrats have voted to advance the U.S. Crypto Market Structure Bill in the Senate Agriculture Committee. 

Senator Tommy Tuberville of Alabama revealed that U.S. lawmakers pushed for Republican amendments that aim to block foreign adversaries of the U.S. from interfering in the U.S. crypto industry. He also called for the ideas to be revisited later, arguing that he agreed to withdraw his amendments after understanding what lawmakers were trying to accomplish today.

“I have seen in my own community that the system we have right now often screws customers, hurts their ability to access financial markets. There is a democratizing force, or at least a potential that is moving across our country and across the world.”

-Cory Booker, U.S. Senator of New Jersey.

U.S. Senator Adam Schiff of California argued that Democrats had a working group to support crypto bills. He also stated that lawmakers want the crypto industry to remain in the U.S., arguing that the sector requires rules so that lawmakers are not making decisions via litigation. Schiff revealed that he expected the legislation to advance on party lines due to the bill’s partisan nature.

Democrats issued opening amendments, with some targeting U.S. President Donald Trump’s crypto business interests. The lawmakers also accused Republicans of abandoning negotiations and suggesting that disagreements can be resolved later.

U.S. Democrats offer amendments against crypto market structure bill

U.S. Senator Dick Durbin of Illinois offered an amendment that sought to prohibit the Federal Reserve and the Treasury Department from providing crypto intermediaries with a taxpayer-funded bailout amid banking failures. Boozman confirmed that the legislation would not grant the CFTC authority to provide bankruptcy assistance. The amendment failed 11-12 votes on party lines.

Senator Michael Bennet of Colorado offered an amendment, which questioned U.S. President Donald Trump’s profiting from his family’s several crypto businesses. She argued that the amendment was about returning to a system of government and ethics that the American people deserve. Boozman revealed that Bennet’s amendment exceeded the Agriculture Committee’s jurisdiction, and lawmakers voted 11-12 on it.

Senator Cory Booker revealed that lawmakers were close to an agreement on key issues in the legislation. The Democratic senator, who is leading negotiations on the bill, also acknowledged that lawmakers had made significant progress in putting the bill together. He believes that advancing the bill is the first step, urging the Trump administration and Senate leadership to coordinate and ensure the CFTC is adequately funded.

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