Markup of Senate Crypto Market Structure Bill Pushed to Late January
The Senate Committee on Agriculture, Nutrition, and Forestry has postponed its markup of major crypto market structure legislation to the last week of January, citing ongoing bipartisan negotiations that need more time to resolve key issues. Chairman John Boozman said the delay aims to ensure broad support and meaningful progress has been made, but further discussion is necessary for consensus. Industry backing remains uncertain, largely hinging on how lawmakers handle regulation of decentralized finance (DeFi) and yield-bearing stablecoins as the bill progresses. The legislation, introduced by a bipartisan group in 2023 and passed by the House in May 2024, has stalled in the Senate. Recent talks involving Wall Street and crypto advocacy groups focused on narrowing gaps, particularly regarding whether DeFi developers should face the same regulations as traditional financial intermediaries, and how to treat stablecoins that pay interest to holders. Unresolved issues around these topics persist following baseline rules set by the GENIUS Act in 2023.
