Senate Agriculture Committee Advances Crypto Market Bill Amid Ethics Debate
The Senate Agriculture Committee is set to debate a pivotal cryptocurrency market structure bill next week, with proposed amendments adding ethical and operational layers to the legislation. Sen. Michael Bennet's Digital Asset Ethics Act seeks to ban high-ranking officials, including the President and lawmakers, from certain crypto transactions—a move aimed at curbing conflicts of interest.
Meanwhile, Sen. Amy Klobuchar's amendment introduces a delay, tying the bill's enactment to the CFTC achieving a four-commissioner quorum. The committee's progress contrasts with stalled efforts in the Senate Banking Committee, highlighting divergent approaches to crypto regulation.
The revised draft grants the CFTC authority over digital commodities and notably removes controversial stablecoin yield restrictions. Market observers note the timing aligns with a shifting macroeconomic landscape, potentially accelerating institutional adoption.
