US EditionCrypto bill advances in US Senate but faces obstacles
The bill would empower the Commodity Futures Trading Commission to regulate spot crypto markets, but it faces a 12-11 party-line vote and needs bipartisan support to pass.
- On Jan 29, the U.S. Senate Agriculture Committee advanced a federal crypto framework on Thursday in a party-line vote, with no committee Democrats supporting it.
- The bill would give the U.S. Commodity Futures Trading Commission authority over spot crypto markets and set rules for exchanges, brokers and dealers after the House passed its version in July, with the crypto industry calling it crucial for legal certainty.
- Banks and crypto firms are clashing over whether crypto companies should be allowed to pay interest on stablecoins, while the crypto industry spent heavily in the 2024 elections to back pro-crypto candidates.
- To pass the full Senate, the bill needs support from at least seven Democrats and the White House will meet on Monday with banking and cryptocurrency industry executives to discuss the Senate Banking Committee's next steps.
- Senator Cory Booker, top Democrat on the Senate Agriculture Committee, said he wanted more DeFi provisions that were not reflected in the bill, stating `We're almost in the red zone on this bill, and that frustrates me.
17 Articles
17 Articles
Landmark crypto bill clears Senate hurdle but Democrats withhold support over lack of ‘gryfto’ rules to prevent Trump family conflicts of interest
On Thursday, the Senate Agriculture Committee advanced legislation that would provide far-reaching regulation for the crypto industry, though the vote only passed with Republican support. The markup process represented a key hurdle for the legislation, known as the Clarity Act, which still needs to pass out of the Senate Banking Committee before it can be considered by the full chamber. In Thursday’s hearing, Democratic senators on the committee…
Coinbase Snubs Senate Crypto Bill, But Brian Armstrong Might Still Want A Compromise - Coinbase Global (NASDAQ:COIN)
Coinbase Global Inc. (NASDAQ:COIN) is pulling back its support for a major U.S. crypto market structure bill, but HSBC Holdings (NYSE:HSBC) analysts say the legislation isn’t dead yet. No Bill Or Compromise Bill? HSBC says a “reasonable compromise” is still on the table despite CEO Brian Armstrong’s “no bill is better than a bad bill” stance. The bank argues that legislative clarity is the only way to unlock massive institutional adoption from …
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