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 ExcludedIn 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.
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.
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 ConsiderationDespite 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.
Featured image from OpenArt, chart from TradingView.com
