Crypto Bill Faces Crucial Senate Review
This Thursday, the Senate Agriculture Committee will hold a meeting to discuss and vote on several amendments to the crypto market structure bill. These changes could significantly impact the final version of the legislation.
- Ethics Proposal: Introduced by Senator Michael Bennet, aiming to regulate cryptocurrency activities and holdings of government officials and their families.
- Regulatory Staffing Requirement: Proposed by Senator Amy Klobuchar, which delays the bill's implementation until the CFTC has a full team of confirmed commissioners.
- Clarifying Retail Investor Definition: Another amendment from Klobuchar to better define 'retail participants' and protect individual investors.
Additional Key Amendments
Other notable proposals include:
- Prohibiting financial bailouts for crypto issuers.
- New anti-fraud measures targeting crypto ATMs.
- Restrictions on foreign adversaries participating in the U.S. crypto market.
Legislation Path Forward Remains Uncertain
It remains unclear how many amendments will be accepted, with the session expected to last around two hours. After voting on the amendments, the committee will decide whether to send the bill to the full Senate. Although Democrats currently do not publicly support the bill, backroom negotiations may sway some members' positions ahead of the vote.