The bill remains stalled by partisan divisions and unresolved issues that will need to be addressed in the Senate Banking Committee to keep the legislation on track.
The Senate Agriculture Committee advanced crypto market structure legislation on Thursday, moving it to the next phase of the legislative process after a 12-11 party-line vote.
The bill would give the CFTC regulatory authority over digital commodities, with the SEC portion falling under the Senate Banking Committee. Several Democratic amendments were rejected, including proposals on ethics for federal officials, crypto ATM fraud, and restrictions on bailouts.
Senator Cynthia Lummis called the milestone a meaningful step toward sending the bill to the president’s desk, saying she looks forward to continued bipartisan work to position the US as the global hub for digital assets.
While the vote marks progress after years of industry lobbying, the bill still lacks sufficient Democratic backing. It must also clear the Senate Banking Committee before reaching a full Senate vote.
This is a developing story.
