Senate Republicans Advance Crypto Bill Amid Partisan Divide
Senate Agriculture Committee Republicans released a draft crypto market structure bill without Democratic support, setting a January 27 markup hearing. The bill carves out protections for DeFi developers and non-custodial interfaces while focusing regulatory scrutiny on intermediaries controlling custody or execution.
The legislative push comes as Senate Banking Committee indefinitely postponed its own crypto bill following Coinbase's withdrawal from negotiations. Fundamental disagreements persist between parties, particularly on stablecoin reward provisions and the role of banking regulators.
White House officials and committee Republicans are urging the crypto and banking industries to resolve stablecoin disputes before advancing legislation. Meanwhile, housing affordability initiatives appear to be diverting attention from comprehensive crypto regulation.
