Senate Agriculture Committee advances crypto market-structure bill amid last‑mile disputes
The U.S. Senate Agriculture Committee held a markup hearing on crypto market-structure legislation, allowing senators to debate amendments and vote on the bill after considering edits to text published last week. Committee Chairman John Boozman and lead Democratic negotiator Sen. Cory Booker both said significant progress had been made, but notable disagreements remain — including questions about agency quorum rules and concerns tied to President Trump and his family’s crypto connections. The committee aims to vote on the bill at the end of the hearing; proponents urged coordination to ensure the CFTC is fully staffed and funded. The markup represents a procedural milestone that could move the bipartisan bill closer to a floor vote, though unresolved policy differences mean further negotiation is likely.
Neutral
The markup is a procedural advancement that increases the likelihood of federal crypto legislation reaching the Senate floor, which is a structural positive for the sector because it reduces regulatory uncertainty over the medium term. However, key policy disputes remain (quorum rules, oversight scope, and politically sensitive concerns tied to the president’s family), so final passage is not assured and outcomes could materially change depending on amendment votes. Short-term market impact is likely muted: traders typically react to definitive rulings, funding decisions, or explicit regulatory frameworks rather than markups. Longer-term, a clarified market-structure law and a fully funded CFTC could be bullish by creating clearer custody, trading and exchange standards, encouraging institutional participation. Conversely, if the final bill narrows market access or grants unexpected powers to regulators, the impact could be bearish. Historically, similar procedural milestones (committee markups in 2023–2024) produced limited immediate price moves but reduced volatility as regulatory clarity improved over months. Expect trading to remain range‑bound near-term, with directional moves contingent on final text, floor votes, and any compromises on agency authority and market access.