Senate Ag Committee Unveils Crypto Market Structure Bill Draft, Markup Set For Jan. 27

bitcoinistPubblicato 2026-01-23Pubblicato ultima volta 2026-01-23

Introduzione

The Senate Agriculture Committee has unveiled a new draft of the crypto market structure bill (CLARITY Act) and scheduled a markup session for January 27. This version focuses on expanding the Commodity Futures Trading Commission's (CFTC) authority to regulate cryptocurrencies like Bitcoin and Ethereum, allocating $150 million for implementation. Notably, it excludes regulations on stablecoin yields—a key point of contention that led Coinbase to withdraw support from the Senate Banking Committee's version. The Agriculture Committee's draft also provides a pathway for DeFi to avoid CFTC regulation and protects developers from liability. While the Agriculture Committee aims to advance the bill, the Banking Committee is expected to delay its portion of the legislation, potentially pushing broader discussions to late February or March.

Following the unsuccessful markup of the long-awaited crypto market Structure bill (CLARITY Act) by the Senate Banking Committee, the Senate Agriculture Committee unveiled a new draft of the bill, with a scheduled markup session for Tuesday, January 27.

Stablecoin Yield Regulations Excluded

The Agriculture Committee’s version of the bill primarily addresses regulations under the Commodity Futures Trading Commission (CFTC), which would gain expanded authority to regulate cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

In contrast, the Senate Banking Committee’s section of the legislation focuses on the Securities and Exchange Commission (SEC) and its oversight. Notably, the Agriculture draft allocates $150 million to support the CFTC in the implementation of the proposed law.

Market expert James Murphy reviewed the key provisions of the new draft and expressed optimism about its implications. He highlighted that the bill creates a pathway for decentralized finance (DeFi) to avoid CFTC regulation, providing important protections for developers and specific service providers from liability.

The Senate Agriculture Committee’s draft also excludes any regulations concerning stablecoin yields. This decision is significant, particularly as it addresses a critical provision that resulted in Coinbase (COIN) withdrawing its support for the Banking Committee’s version of the bill last week.

The Banking Committee’s version of the CLARITY Act aims to limit the yield that stablecoin platforms can offer. While banks support this approach due to concerns about deposits potentially flowing out, crypto firms oppose it, arguing that such restrictions hinder competition.

In contrast, the Agriculture Committee bill seeks to exempt stablecoins from CFTC regulations and relies on existing frameworks like the already passed stablecoin bill, or GENIUS Act, which mandates that stablecoins be fully backed.

Banking Committee Delays Crypto Bill’s Consideration

Senate Agriculture Chair John Boozman expressed appreciation for the collaborative efforts among lawmakers, particularly mentioning Senator Cory Booker and his staff for their contributions to consumer protections and CFTC authority.

Despite the remaining differences in fundamental policy issues with its Democratic counterpart, the Committee’s chair emphasized the importance of moving the bill forward:

While it’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better. It’s time we move this bill, and I look forward to the markup next week.

But amid the broader cryptocurrency industry’s optimism surrounding the Agriculture Committee’s version of the market structure bill, the timeline for advancing the overall legislation remains uncertain.

Bloomberg reported that the Senate Banking Committee is expected to delay consideration of its own portion of the bill, which could push discussions into late February or even March.

The 1-D chart shows the total crypto market cap valuation currently at $2.9 trillion. Source: TOTAL on TradingView.com

Featured image from OpenArt, chart from TradingView.com

Domande pertinenti

QWhat is the key difference between the Senate Agriculture Committee's draft of the crypto market structure bill and the Banking Committee's version regarding regulatory authority?

AThe Agriculture Committee's version primarily addresses regulations under the CFTC, which would gain authority over cryptocurrencies like Bitcoin and Ethereum, while the Banking Committee's section focuses on the SEC and its oversight.

QWhy did the Senate Agriculture Committee's draft of the bill exclude regulations on stablecoin yields, and why is this significant?

AThe exclusion of stablecoin yield regulations is significant because it addresses a key provision that caused Coinbase to withdraw its support for the Banking Committee's version, which aimed to limit the yields stablecoin platforms can offer.

QAccording to market expert James Murphy, what important protection does the Agriculture Committee's draft provide for the DeFi sector?

AJames Murphy highlighted that the bill creates a pathway for decentralized finance (DeFi) to avoid CFTC regulation, providing important protections for developers and specific service providers from liability.

QWhat did Senate Agriculture Chair John Boozman say about the collaboration on the bill despite not reaching a full agreement?

ASenator Boozman expressed appreciation for the collaborative efforts, stating that while it's unfortunate they couldn't reach an agreement, the collaboration made the legislation better, and it's time to move the bill forward.

QWhat is the reported timeline for the Senate Banking Committee's consideration of its portion of the crypto market structure bill?

ABloomberg reported that the Senate Banking Committee is expected to delay consideration of its portion of the bill, which could push discussions into late February or even March.

Letture associate

Goldman Sachs: July Smashes Through Crowded Trades, U.S. Stock Bull Market Not Broken but Harder to Navigate

Goldman Sachs: July Sees Crowded Trades Unwound, U.S. Bull Market Intact but Getting Tougher. The U.S. stock market in July did not see an index-level crash, but rather a significant unwinding of speculative positions. While the S&P 500 remained stable—trading within a narrow 3.5% range and staying within 2% of its high—underlying market dynamics were volatile. Heavily crowded trades, particularly in high-momentum tech, AI-linked stocks, and Asian strategies, faced severe pressure and forced deleveraging. Data indicates this was a meaningful cleanse, not a minor adjustment. Global tech exposure saw its largest sell-off in over five years, leverage in Korean equity ETFs plummeted, and Goldman's prime brokerage recorded the largest gross exposure reduction since late 2022. Leverage on momentum factors among fundamental long/short clients fell to the 28th percentile of its one-year range. The AI trade narrative shifted from pure potential to a focus on tangible returns. While Meta failed to show clear AI monetization, Microsoft and Amazon provided evidence that massive capital expenditure is translating into scalable revenue and product growth, preventing a blanket sell-off of the AI sector. The Federal Reserve's more opaque communication style and volatility in long-end Treasury yields have introduced new friction, particularly for rate-sensitive growth and tech stocks. The broader outlook for U.S. equities remains favorable, supported by a strong economy, robust earnings, and substantial AI capital expenditure. However, risk/reward is no longer cheap, and the market's upward elasticity has weakened. The Nasdaq 100's trajectory—up 12% year-to-date despite significant pullbacks—illustrates that the bull trend persists but the path is becoming more difficult. The key lesson from July is that the market no longer rewards crowded, highly leveraged trades, requiring more disciplined and liquid portfolio approaches.

marsbit2 h fa

Goldman Sachs: July Smashes Through Crowded Trades, U.S. Stock Bull Market Not Broken but Harder to Navigate

marsbit2 h fa

Interview with Robinhood Executive: Meme + Tokenized US Stocks as "Barbell" Customer Acquisition Strategy, All Business Lines Achieve Hundreds of Millions in Revenue

Interview with Robinhood executive Johann Kerbrat reveals the company's "barbell" customer acquisition strategy for its new Robinhood Chain, combining meme tokens with tokenized stocks. Three weeks after mainnet launch, the chain has seen over $3B in weekly DEX volume and 105M transactions. Kerbrat explains the logic behind the permissionless chain: meme tokens attract DeFi users, while tokenized real-world assets (RWA), currently over 90 US stocks and ETFs accessible in 120+ countries, serve global users. The goal is to bring Robinhood's 27 million funded accounts on-chain by simplifying DeFi with a user-friendly interface, exemplified by features like Robinhood Earn which offers yield without requiring wallet management. Built on Arbitrum's technology stack for its speed, low cost, and Ethereum's security, the chain focuses on financial products like Earn, spot trading, and perpetuals. Kerbrat downplays direct competition with platforms like Base, emphasizing the goal of expanding the overall market for on-chain assets. He details selective partnerships (e.g., Morpho, Lighter) based on compliance, unique UX, and differentiation. While regulatory clarity is pending for US perpetuals, the expansion continues via Bitstamp in Europe. Finally, Kerbrat positions Robinhood as a "super app" integrating stocks, options, crypto, banking, and AI trading, with all major business lines generating hundreds of millions in revenue. For the chain, current priority is driving adoption over maximizing gas fee revenue.

marsbit4 h fa

Interview with Robinhood Executive: Meme + Tokenized US Stocks as "Barbell" Customer Acquisition Strategy, All Business Lines Achieve Hundreds of Millions in Revenue

marsbit4 h fa

Trading

Spot
活动图片