The Senate Committee on Agriculture, Nutrition and Forestry has set Jan. 27 for its markup hearing for its crypto market structure bill, which is touted to bring “clarity and certainty” to the market.
In an announcement on Monday, the committee — which oversees the Commodities Futures Trading Commission — confirmed that its final markup will take place six days after the release of the legislative text on Jan. 21.
“This schedule ensures transparency and allows for thorough review as the committee moves forward with legislation to provide clarity and certainty for crypto markets,” said committee chairman John Boozman.
“I’m grateful to Senator Booker, who continues to be a great partner, as well as our staff for their hard work and dedication to create new rules to protect consumers while also supporting American innovation,” he added.
A Senate markup provides a chance for committees to debate bills, finalize details, and suggest amendments. Once the process is complete, the committee then votes to send the bill in edited or unedited form for consideration on the floor by the full senate.
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If the Senate passes the bill, it still has to pass through the House of Representatives before it can arrive on President Donald Trump’s desk.
Lengthy government shutdowns held back crypto bills last year and there’s potential for another shutdown later this month if a set of government funding bills doesn’t pass, though a full shutdown is understood to be unlikely.
Earlier this week, US Securities and Exchange chairman Paul Atkins said he’s “bullish” on the chances of Trump signing the bill this year.
The Senate Banking Committee, which oversees the SEC, has scheduled its markup on Thursday.
Under the crypto market structure bill, the SEC and CFTC are primed to be the primary overseers of the US crypto industry, with the bill being praised by many and bringing clarity to the industry and removing regulatory gray area.
While the bill has positive momentum behind it, there are still some sticking points, including rules around stablecoin yield and decentralized finance.
The Senate Banking Committee released an amended draft of the bill this week, looking to bar crypto asset providers from offering passive yield on stablecoin holdings, which is a point of contention shared by US banking groups.
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