Delay on Bill of Senate Agriculture Committee
The US Senate Agriculture Committee, tasked with overseeing digital asset market structure, is expected to put forth its version of the legislation by Wednesday. This bill aligns with the Digital Asset Markets Clarity (CLARITY) Act, which has been introduced in the House of Representatives to clarify regulatory rules.
Committee Chair John Boozman stated that the text would be made public prior to the markup hearing next Tuesday. After Coinbase dropped out last week, the committee has offered no updates thus far.
Withdrawal from Coinbase Creates Uncertainty
Brian Armstrong, CEO of Coinbase, flagged multiple concerns regarding the bill, including:
- Limitations on DeFi
- Wording around stablecoin rewards
- Conflicts of interest
Some Senate Democrats may push for stronger DeFi regulation, which could delay negotiations. It remains uncertain whether the legislation will pass, as key stakeholders remain divided.
Also Read : RAKBank Enters Dirham Stablecoin Race After Gaining In-Principle Approval
The White House Insists on Inevitable Crypto Regulation
The White House continues to support a crypto market framework, despite delays. Patrick Witt, a White House crypto adviser, tweeted on X:
“A crypto market structure bill is coming, and only the timing is uncertain. Believing that this multi-trillion dollar business will not face constraints or regulation is pure folly.”
Meanwhile, Donald Trump told the World Economic Forum in Switzerland that he plans to sign the market structure bill “very soon.”
Collaboration of Committees Is Essential for Passage
Both the Agriculture Committee, overseeing commodities, and the Banking Committee, overseeing securities, must approve their respective versions before the bill can reach the Senate floor.
At press time, Boozman had not clarified whether the Banking Committee’s delay in the markup would hinder progress in the Agriculture Committee, leaving the bill’s future unclear.
Midterm Elections May Affect Timing
Efforts to pass the legislation could become more complicated after the 2026 US midterm elections. Lawmakers and industry advocates fear that campaigns will distract from crypto policy priorities, especially if party control switches in the House or Senate.
Senator Thom Tillis stated that “the first part of January, February” gives lawmakers a limited window for crypto legislation before the midterms ramp up. Successful passage will likely require bipartisan cooperation.
Will the Bill Clear Political Hurdles?
As Coinbase works with officials and lawmakers debate limits on DeFi, the US crypto market awaits regulatory clarity. The bill’s future will hinge on:
- Political alignment
- Timing ahead of the midterms
- Ability of stakeholders to address differences on stablecoins, DeFi, and oversight of other digital assets
Industry experts note that this legislation could set the rules of the road for crypto in the US for years to come.
