The US Senate Agriculture Committee has pushed its markup of the crypto market structure bill to the end of January, saying it needs more time to garner support for the legislation.
Committee Chairman John Boozman said on Monday that he wanted to advance a bipartisan-supported bill and has “made meaningful progress and had constructive discussions as we work toward this goal.”
“To finalize the remaining details and ensure the broad support this legislation requires, additional time is needed before moving to markup,” he added. “The committee will mark up this legislation during the last week of January.”
The crypto industry is highly anticipating the bill, as it would define how the country’s market regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission, would police the crypto market.
The Senate Agriculture Committee oversees the CFTC and initially slated a markup for the bill on Thursday to coincide with a markup of the same bill by the Senate Banking Committee, which oversees the SEC, and is still to go ahead.
The market structure bill under consideration in the Senate is separate from the House’s CLARITY Act, which it passed in July, due to procedural rules.
Requests for ethics, stablecoin yield changes
Some of the changes that lawmakers and lobbyists are pushing to include are a ban on all stablecoin yield payments and provisions for ethics laws.
A number of Democratic Senators are pushing for conflict-of-interest guardrails in the bill, with provisions to prohibit public officials, including President Donald Trump, from profiting from any connections to crypto companies.
Related: Charles Hoskinson doubts CLARITY Act timeline, says Trump crypto czar should quit
Bank lobbyists have also pushed for a ban on third-party platforms, such as crypto exchanges, from offering stablecoin yields after the GENIUS Act prohibited issuers from doing so.
Crypto lobby groups and companies have pressed for lawmakers to exclude software developers and non-custodial platforms from being classified as intermediaries, and therefore subject to finance rules.
Investment bank TD Cowen said earlier this month that the midterms could diminish the support needed to pass the bill, and it was more likely to pass in 2027, with final implementation in 2029.
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