The much-anticipated crypto Market Structure Bill, designed to enhance clarity in the digital asset landscape in the United States, is reportedly preparing for markup sessions in early December.
Currently, there is an effort to have draft bills prepared within both the Senate Agriculture Committee and the Senate Banking Committee ahead of the markups.
Banking Committee Chairman Tim Scott, who had aimed for a Banking bill markup by the end of September, has yet to announce a date for his committee.
Terret asserted that if the Banking Committee delays its release, the crypto industry will have ample material to examine over the holiday season, particularly the Senate Agriculture draft.
Digital Chamber CEO Cody Carbone remarked on the need for collaboration between the two committees, stating, “Right now it’s being done in somewhat of a siloed format.”
Carbone also highlighted that the Banking Committee is likely to take the initiative on DeFi regulations, which predominantly fall within its jurisdiction. This aspect of the legislation, which has garnered significant interest and will likely undergo substantial scrutiny, has not yet been disclosed.
If both committees can finalize their respective drafts for markup next month, the subsequent step would involve merging these documents into a singular piece of legislation for a full Senate vote.
As Carbone pointed out, “We’re running out of time, not just in the calendar year, but in this Congress.” Despite these challenges, optimism remains within the industry.
Paul Grewal, Chief Legal Officer of crypto exchange Coinbase, recognized the importance of resolving key details but expressed confidence that the bill would ultimately progress.
“I know some people fret over the details that remain to be resolved,” he stated. “But I think we’re going to get it done, even if it feels like there are still some important obstacles that remain.”
Featured image from DALL-E, chart from TradingView.com
