The much-anticipated crypto Market Structure Bill, designed to enhance clarity in the digital asset landscape in the United States, is reportedly preparing for markup sessions in early December.
Crypto Sector Anticipates Detailed Review Before Thanksgiving
In a recent report by Eleanor Terret from Crypto In America, Agriculture Committee Chair John Boozman expressed his commitment to this timeline, noting that the government shutdown had postponed his initial plans to proceed with markups earlier this week.
Currently, there is an effort to have draft bills prepared within both the Senate Agriculture Committee and the Senate Banking Committee ahead of the markups.
Banking Committee Chairman Tim Scott, who had aimed for a Banking bill markup by the end of September, has yet to announce a date for his committee.
The text related to this bill has not been released since it shifted to a bipartisan initiative following recent reconciliatory roundtables conducted on Capitol Hill. It remains uncertain whether the draft will be made public before the Thanksgiving holiday.
Terret asserted that if the Banking Committee delays its release, the crypto industry will have ample material to examine over the holiday season, particularly the Senate Agriculture draft.
However, notable sections in this proposal have been left blank, specifically regarding the regulation of decentralized finance (DeFi), and other legislative language remains bracketed, indicating unresolved issues among lawmakers.
Year-End Pressures
Digital Chamber CEO Cody Carbone remarked on the need for collaboration between the two committees, stating, “Right now it’s being done in somewhat of a siloed format.”
He anticipates that the Senate Agriculture Committee will continue to gather feedback from the industry and progress in filling in the blank sections over the next few weeks.
Carbone also highlighted that the Banking Committee is likely to take the initiative on DeFi regulations, which predominantly fall within its jurisdiction. This aspect of the legislation, which has garnered significant interest and will likely undergo substantial scrutiny, has not yet been disclosed.
If both committees can finalize their respective drafts for markup next month, the subsequent step would involve merging these documents into a singular piece of legislation for a full Senate vote.
However, the urgency of the situation is amplified by the approaching holiday season and the year-end deadlines, with expectations that the voting process and potential enactment of the market structure bill could push into next year’s session.
As Carbone pointed out, “We’re running out of time, not just in the calendar year, but in this Congress.” Despite these challenges, optimism remains within the industry.
Paul Grewal, Chief Legal Officer of crypto exchange Coinbase, recognized the importance of resolving key details but expressed confidence that the bill would ultimately progress.
“I know some people fret over the details that remain to be resolved,” he stated. “But I think we’re going to get it done, even if it feels like there are still some important obstacles that remain.”
Featured image from DALL-E, chart from TradingView.com