- The US Senate has confirmed the Jan. 15 date for the markup of the much-anticipated Digital Asset Market Structure legislation.
- Negotiations continue between Republicans and Democrats amid some unfinished business regarding some pertinent elements of the bill that must be streamlined before the markup.
The US Senate has confirmed that the markup for the Digital Asset Market Structure legislation will hold on Jan. 15 as earlier speculated. While the date is locked in, negotiations are still ongoing with the opposition to reach a consensus on some vital parts of the bill.
Chair Scott Confirms Jan. 15 Date
In a recent interview, Senate Banking Committee Chair Tim Scott announced that the Committee will be holding the markup on Thursday next week, the 15th of January.
“I think it is important for us to get on the record and vote,” said Scott. So, next Thursday, we’ll have a vote on market structure. We have worked tirelessly for the last six plus months making sure that we had multiple drafts available to every member of the committee.”
The Senate Banking Committee’s prioritization of the Market Structure legislation sets a good precedent for similar bills in the pipeline. It elevates the American digital asset ecosystem on the global stage and sets the pace for other nations to follow suit.
Crypto Czar Meets With Lawmakers Over Market Structure, Amid Outstanding Elements
Several reliable sources, including WatcherGuru, reported that the White House’s Crypto Czar, David Sacks, met with lawmakers at Chair Scott’s office on Tuesday morning regarding the Market Structure bill. Over a dozen lawmakers met to discuss the future of the crypto market structure legislation.
However, in a departure from his usual openness, Sacks refused to answer questions from reporters as he exited the meeting, which stirred up mixed feelings about what must have transpired in the Senate Banking Committee Chair’s office with respect to the bill.
Meanwhile, the bipartisan meeting explored some key demands by Democrats and Republicans to fast-track the bill’s progression. Based on a document from the meeting, Democrats are asking for some DeFi provisions such as front-end sanctions compliance, more special measures authority for the Treasury, and regulation of non-decentralized DeFi protocols.
Additionally, Democrats are also pushing for more investor protection provisions for ATMs and FTC (Federal Trade Commission) consumer protection clauses. They are also pressing for modifications to asset classification frameworks and the closure of loopholes that could allow the evasion of securities and other regulations.
There are still some outstanding elements, such as the handling of stablecoin interest, self-custody rules, implementing bipartisan quorum among market regulators, conflict of interest clauses, and the scope of exemptions for software developers under money transmission laws.
The January 15 date is for the review, amendment, and moving the crypto market structure bill forward. Once the bill passes the Committee, it will proceed to the Senate floor, where it will pass if it garners at least two-thirds of the Senate votes.
