US Senate Agriculture Committee to release updated market structure bill

The committee released a draft bill in November proposing a regulatory framework, but some lawmakers still have concerns about provisions on DeFi, ethics and stablecoins.

The US Senate Agriculture Committee, one of two committees in the chamber considering legislation to establish digital asset market structure, is expected to release its text of the bill by the close of business on Wednesday.

Chair John Boozman said last week that the committee would release its version of the Digital Asset Markets Clarity (CLARITY) Act on Wednesday, with a markup hearing scheduled for the following Tuesday. However, the committee had not announced any updates since Coinbase effectively derailed a scheduled markup in the Senate Banking Committee last week by pulling its support for the bill. 

Some Senate Democrats have reportedly been pushing for additional restrictions on decentralized finance within the market structure bill. Coupled with Coinbase pulling its support for the banking committee’s bill and concerns over the wording of the text regarding potential conflicts of interest and stablecoin rewards, it’s unclear whether either piece of legislation has enough political momentum to make it out of committee.

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