Senate Agriculture Committee

The U.S. Senate Agriculture Committee advanced a cryptocurrency market structure bill, granting the CFTC authority over digital commodities. This marks the first time such a comprehensive bill has cleared a Senate committee. The legislation, which passed along party lines, aims to define digital commodities and establish regulatory oversight for intermediaries, enhancing consumer protections. Further progress requires approval from the Senate Banking Committee and reconciliation of differing versions of the bill.

Senator Kirsten Gillibrand expresses optimism for Senate Agriculture Committee’s crypto legislation, despite ongoing bipartisan discussions. Two bills are advancing, one in Agriculture focusing on the CFTC and another in Banking overseeing the SEC. While differences persist, Gillibrand believes in finding common ground and is committed to fostering innovation through comprehensive regulation. The departure of key Republican ally Senator Cynthia Lummis is noted as a significant loss.