Key Crypto Legislation Hearing Ahead as CFTC Oversight May Expand

DCIA Draft Centers on CFTC Oversight

Republican members of the Senate Agriculture Committee have unveiled the draft of the Digital Commodity Intermediaries Act (DCIA), aiming to expand the Commodity Futures Trading Commission's (CFTC) regulatory authority over digital commodity markets. The bill outlines a CFTC-led framework for oversight of crypto spot markets, including exchanges, dealers, and brokers.

Key Hearing to Address Potential Amendments

A markup hearing is scheduled for January 27, where bipartisan members are expected to propose amendments. Although the draft includes provisions negotiated with Democrats, it has yet to gain endorsement from the Democratic lead negotiator, indicating ongoing political negotiation ahead.

Narrower Scope Compared to Banking Committee Bill

Compared to the broader discussions within the Senate Banking Committee, this version of the bill is considered less contentious and covers a narrower scope. This approach may increase its chances of bipartisan support and streamline the legislative process.