Senator John Boozman said that talks with Democrats have not resulted in an agreement on the crypto market structure bill, despite his release of an updated draft text and the scheduling of a committee session next week to consider it.
In a statement announcing the updated draft, the Republican chair of the Senate Agriculture Committee said the new draft reflects months of negotiation and input from senators in both parties and from industry groups, and that it would hand the Commodity Futures Trading Commission expanded authority over digital commodities.
Boozman also thanked Democratic Senator Cory Booker and his staff for their contributions but acknowledged that significant policy disagreements remain and confirmed that he intends to move the bill forward.
“Although it’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better. It’s time we move this bill, and I look forward to the markup next week,” Boozman said.
Broad Effort to Define United States crypto Rulebook
The legislation, referred to as the “crypto market structure bill,” is designed to give large digital asset platforms and token issuers a more organized, clear, and predictable rulebook and to set standards for dollar-backed stablecoins that supporters say could help expand the use of blockchain technology in the United States.
At the core of the framework is a clearer split of responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The proposal would also introduce registration and compliance rules for exchanges, brokerages, and other crypto firms, with the aim of allowing them to operate nationwide under a consistent federal regime.
Recent Delays and Industry Pushback
The Senate’s crypto push has hit a few hurdles in recent weeks. On January 7, Senate Banking Committee chair Tim Scott said his panel would hold a markup vote on the crypto market structure bill, aimed at widening access to digital assets for ordinary Americans under clearer rules.
One week later, the Senate Agriculture Committee delayed its own planned markup to the final week of January, saying it needed more time to refine the text and secure bipartisan support.
On January 15, Scott’s Banking Committee also postponed its markup after Coinbase chief executive Brian Armstrong publicly withdrew support for the current draft.
Armstrong said the bill contained too many problems, including what he called an effective ban on tokenized equities, a weakening of the CFTC’s role, and changes that would sharply restrict rewards on stablecoins.
Scott responded that talks with industry, regulators, and lawmakers in both parties would continue, but the delay added to the uncertainty regarding the possibility of reaching an agreement on comprehensive crypto market rules in the near future.
