The U.S. Senate Agriculture Committee passed the crypto market structure bill in a 12–11 vote, advancing it despite Democratic opposition.
The U.S. Senate Agriculture Committee advanced the crypto market structure bill, marking the furthest progress such legislation has reached in the Senate.
The move followed years of debate and lobbying, and it sets the stage for further consideration, though partisan divisions remain unresolved.
Senate Agriculture Committee Advances Crypto Bill
According to Crypto Rover, the U.S. Senate committee has just passed the crypto market structure bill after the Senate Agriculture Committee voted 12–11 to advance its version of the legislation.
The vote followed a markup session where several proposed amendments were rejected along party lines.
Republican members supported moving the bill forward, while Democratic lawmakers opposed the current text.
Committee Chairman John Boozman said, “After months of work, we have made significant progress working together.” He added that the committee decided it was time to move the process forward.
The chairman also noted that changes could still be made as the bill advances.
Democratic members said negotiations are not finished. Senator Amy Klobuchar stated, “The progress that has been made here is good, but we believe we are not quite done yet.” She said discussions could continue as the bill moves ahead.
Democratic Opposition and Ethics Concerns
According to Bull Theory, the crypto market structure bill advanced on a party-line vote, with all Republican members voting in favor and every Democrat voting against it.
The final vote was 12–11. After calling the roll, the chairman confirmed that the bill passed and would be reported.
During the session, Democrats proposed amendments focused on ethics rules and regulatory staffing.
These proposals did not pass the committee vote. Booker said the White House’s stance had made progress “infinitely harder.”
Despite opposition, Democrats said they remain engaged. Several members indicated they would continue talks to reach a bipartisan version.
Boozman also acknowledged that some Democratic ideas could be addressed later through revisions.
Related Reading: U.S. Senate Committee Advances Crypto Market Structure Bill in Narrow Vote
Next Steps in the Senate and Beyond
The bill must now clear the Senate Banking Committee, which is expected to face tougher debate.
That panel’s version includes disputed topics such as stablecoin yield and banking oversight. Its markup has been delayed due to ongoing negotiations.
Once both committees approve their versions, lawmakers would need to combine them into a single Senate bill.
That process could provide another opportunity to gain Democratic backing. A combined bill would then move to a full Senate vote.
If approved by the Senate, the legislation would return to the House of Representatives. The House has already passed its own version with broad support.
Final approval would send the bill to President Donald Trump for signature.
The crypto sector recently secured passage of a stablecoin regulation bill, marking its first major U.S. legislative success.
However, lawmakers face a narrow window, as attention shifts to federal funding debates and upcoming midterm elections.
Source: https://www.livebitcoinnews.com/market-structure-bill-finally-here-major-win-for-crypto/
