US Senate Begins Markup of Long‑Awaited Crypto Market Structure Bill
The US Senate Agriculture Committee has begun a key markup session on the Digital Commodity Intermediaries Act, a long‑awaited bill aiming to clarify oversight of digital asset markets. Lawmakers are debating roughly 11 amendments covering topics such as leadership at the Commodity Futures Trading Commission (CFTC), ethics provisions, and protections against foreign interference. The session is being watched for signs of bipartisan support and which provisions may face resistance; an amendment from Senator Roger Marshall concerning credit card swipe fees remains on the schedule but may not be pushed. The markup represents a pivotal step toward moving US crypto policy beyond enforcement‑centric regulation and could shape how exchanges and intermediaries are regulated going forward. The process is ongoing and outcomes may shift as senators vote on amendments.
Neutral
The markup is a procedural but important step toward regulatory clarity. It reduces regulatory uncertainty by demonstrating congressional engagement, which can be supportive for market maturation. However, outcomes are uncertain: the bill’s final language and whether it passes the committee (and then both chambers) remain unresolved. Positive effects: clearer rules and defined CFTC roles could bolster institutional confidence and improve long‑term market structure. Negative/limiting effects: contentious amendments or a weakened bipartisan consensus could delay progress and sustain short‑term volatility. Historically, legislative movement (hearings/markups) tends to produce neutral to mildly bullish market reactions when it signals progress, but strong positive price moves normally wait for concrete, favorable legislation or regulatory approvals. Therefore, traders should expect potential intraday volatility around amendment votes and headlines, but a sustained directional move will depend on final legislative outcomes and specific rule text.