The Senate Agriculture Committee has released an updated version of its crypto market structure bill, but negotiations between Republicans and Democrats have so far failed to produce a bipartisan agreement.
Current Status: Focus On Next Tuesday
With no deal in place, the legislation currently stands as effectively Republican-led, former Fox Business reporter Eleanor Terrett stated on X on Friday.
Senator Cory Booker (D-NJ), the lead Democratic negotiator, has not endorsed the text, raising the likelihood that next Tuesday's committee markup could proceed along party lines.
This contrasts with the House version, which advanced with broad bipartisan support.
Booker's office said discussions are ongoing, leaving open the possibility of limited Democratic backing.
Industry response has been largely constructive, with stakeholders noting that the bill closely aligns with the House's Clarity Act.
Supporters say it protects non-custodial developers and infrastructure providers, keeps regulatory focus on intermediaries rather than protocols or users, classifies meme coins as digital commodities with room for carve-outs, and provides the CFTC with a dedicated funding mechanism through platform fees.
Banking Committee Timeline Remains Unclear
Progress in the Senate Banking Committee remains stalled, with a markup unlikely before late February or early March.
Legislative priorities including housing bills, the February recess, and upcoming bank regulator hearings are expected to delay movement.
Meanwhile, discussions involving Coinbase (NASDAQ:COIN) major banks, and lawmakers over yield-related provisions have not resumed.
Both the White House and committee leadership have indicated that a framework agreement will be required before formal negotiations restart.
For now, industry attention remains focused on the Senate Agriculture Committee's markup scheduled for next Tuesday, assuming no delays due to weather or scheduling changes.
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