According to crypto reporter Eleanor Terret and market expert MartyParty on social media platform X, the Senate Committee on Agriculture is nearing the release of its much-anticipated bipartisan draft related to the commodities aspect of the crypto market structure bill.
Regardless of the exact timing, this imminent announcement, coupled with the resumption of bipartisan negotiations within the Senate Banking Committee, indicates that progress is being made after a period of inactivity.
The Senate Agriculture Committee’s focus on the Commodity Futures Trading Commission (CFTC) is essential for this legislation. If the anticipated bill passes, it could lead to the classification of “digital commodities” and expand CFTC oversight over spot markets and derivatives.
Additionally, it aims to introduce anti-manipulation measures and establish safeguards for decentralized finance (DeFi), stablecoins, and illicit finance, all while fostering innovation in the sector.
He stated, “We had great meetings with Democrats and Republicans today. There’s strong bipartisan support to get this market legislation done. It’s important for America and for the 15 million Americans involved in crypto.”
Featured image from DALL-E, chart from TradingView.com
