Crypto Market Structure Bill Clears Key Senate Hurdle in Party-Line Vote

US lawmakers moved a long-delayed crypto market structure bill forward on Thursday following a closely watched markup session in the Senate Agriculture Committee, marking a significant procedural step despite deep partisan divisions. The committee advanced the legislation on a 12–11 party-line vote after considering three amendments, all of which failed to gain cross-party support.

The bill has been under development for months amid pressure from parts of the crypto industry and some lawmakers to establish clearer regulatory rules beyond enforcement-led oversight. 

Democratic members used the markup to press for ethics provisions and bipartisan safeguards, while Republicans argued the process had stalled long enough. Republican leaders said the Commodity Futures Trading Commission (CFTC) is best positioned to oversee spot markets for digital commodities and argued the bill provides long-awaited regulatory clarity.

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Debate Intensifies Over Ethics and Regulatory Scope

Democratic Senator Cory Booker said lawmakers should ensure regulation does not penalise software developers, stating, “we do not want to be criminalizing people who are writing code”. Booker also criticised the lack of bipartisan engagement compared with a discussion draft released in November, arguing negotiations had broken down after the holidays.

Several Democratic amendments were rejected, including a proposal from Senator Michael Bennet that would have barred elected officials and their families from owning or promoting digital assets. Another amendment from Senator Dick Durbin seeking to prevent federal assistance to failing crypto intermediaries was also voted down along party lines.

Industry groups welcomed the committee vote, with advocacy organisations and trade bodies describing it as progress towards clearer market rules and consumer protections. Supporters said the bill would grant the CFTC new authority over spot crypto markets and establish standards for intermediaries.

The legislation must still be combined with a separate Senate Banking Committee proposal before reaching the Senate floor, where broader support will be required to advance.

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