Senate Agriculture Committee Chair John Boozman is considering whether to delay a committee vote on sweeping cryptocurrency legislation as bipartisan negotiations intensify ahead of a planned markup next week, Politico reported, citing three people familiar with the discussions.
Key Takeaways:
- Senate Agriculture Chair John Boozman is weighing a delay of the crypto bill vote to build stronger bipartisan support.
- Talks with Democratic negotiator Cory Booker are ongoing, with both sides signaling cautious optimism.
- Parallel markups across Senate committees and pressure from the White House underscore urgency around crypto regulation.
Boozman, a Republican from Arkansas, is scheduled to move forward with a markup of the Senate’s crypto market structure bill on Jan. 15.
However, he has signaled openness to postponing the vote if talks with Democrats yield meaningful progress in the coming days.
Bipartisan Talks Drive Push to Delay Crypto Bill Vote
The aim, according to those briefed on the matter, would be to consolidate bipartisan support before advancing the legislation.
The discussions center on negotiations with Cory Booker, the lead Democratic negotiator on the Agriculture Committee for the bill.
Boozman and Booker met Thursday, one of the sources said, as staff on both sides continued closed-door talks over outstanding policy differences.
Despite the possibility of a delay, Boozman publicly stated earlier this week that he intended to hold a vote next week regardless of whether bipartisan backing was secured.
A spokesperson for Boozman, Sara Lasure, told the outlet that the senator “remains committed to advancing a bipartisan bill,” while adding that the timing of the markup had not officially changed.
Booker has struck a more optimistic tone. In an interview Thursday, he said discussions were ongoing and expressed hope that the two sides could reach an agreement, suggesting negotiations were moving in a constructive direction.
The legislative push is unfolding across multiple committees. The Senate Banking Committee is also planning a markup of its portion of the crypto market structure package on Jan. 15.
That panel oversees provisions related to the Securities and Exchange Commission, while the Agriculture Committee has jurisdiction over elements involving the Commodity Futures Trading Commission.
The White House has urged Congress to act swiftly. Administration officials, including crypto and artificial intelligence czar David Sacks, have pressed lawmakers to hold markups this month as momentum builds around creating a clearer regulatory framework for digital assets.
Community Bankers Push to Change GENIUS Act
Meanwhile, a group of US community bankers is pressing Congress to amend the GENIUS Act, arguing that the law leaves room for stablecoin-related rewards that could compete with traditional bank deposits.
In a letter to the Senate, the Community Bankers Council of the American Bankers Association said stablecoin issuers should be barred from indirectly offering yield through exchanges or affiliated partners.
The bankers warned that incentives tied to holding stablecoins on large trading platforms risk drawing deposits away from local banks, weakening their ability to lend to small businesses, households, and farmers.
While the GENIUS Act prohibits stablecoin issuers from paying interest directly, the council said the rule is being undermined by third-party reward programs.
In November, Coinbase Global also called on the US Treasury Department to ensure its upcoming rules for the GENIUS Act remain faithful to Congress’s original intent.
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