The US Senate Agriculture Committee has released a Republican draft of the crypto market structure bill, though lawmakers have yet to reach consensus with Democrats on key policy points. The draft is set for a committee markup next week, aiming to provide a regulatory framework for digital assets.
Key Features of Republican Crypto Bill
The Republican draft focuses on how crypto markets will be regulated by the SEC and CFTC, while offering protections for developers and service providers. It creates a legal pathway for DeFi protocols and non-custodial platforms to operate without falling under CFTC enforcement.
The bill excludes stablecoin yield regulation, leaving that under the Banking Committee’s jurisdiction, and clarifies that self-custody wallets and non-custodial interfaces will not be regulated. Oversight is limited to platforms that take custody or control execution, emphasizing intermediaries rather than individual users or protocols.
Senate Agriculture Chair confirmed that while the draft incorporates input from stakeholders and builds on bipartisan discussions, fundamental differences remain between Republicans and Democrats. The bill represents months of preparation but will move forward for markup despite incomplete bipartisan agreement.
Bill Hughes said;
Potential delays in the Senate Banking Committee’s version could push broader crypto legislation to February or March, leaving market participants watching closely for updates on the evolving US regulatory landscape.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.