U.S. Senators File Amendments Ahead of Crypto Market Structure Bill Markup
U.S. senators from both parties have filed several amendments ahead of tomorrow’s markup of the crypto market structure bill.
The markup was moved from earlier this week due to bad weather, but will now go ahead as planned, even as concerns grow over a possible U.S. government shutdown by Saturday. The proposed amendments focus on crypto oversight, consumer protection, and national security.
Senator Michael Bennet of Colorado introduced an amendment that would limit crypto ownership and related activities for government officials and their immediate family members. It is not yet clear if the committee will include this proposal in the bill.
Senator Amy Klobuchar of Minnesota, the ranking member of the Senate Agriculture Committee, filed two amendments. One would delay the bill’s implementation until the Commodity Futures Trading Commission (CFTC) has four confirmed commissioners, including two from the minority party.
Lawmakers Propose New Amendments
The second would narrow the definition of a “retail participant” and better define the role of the Digital Commodity Retail Advocate. Other senators proposed amendments targeting specific risks in the crypto market. Senator Dick Durbin filed proposals to ban government bailouts for crypto issuers and to add stricter anti-fraud rules for crypto ATMs.
Senators Tommy Tuberville of Alabama and Jerry Moran of Kansas introduced amendments that would limit the involvement of foreign adversaries in U.S. crypto markets. During the markup, senators will debate each amendment and vote on whether to include it in the bill. Afterward, the committee will decide whether to advance the legislation to the full Senate.
All committee members are expected to attend, as weather-related delays have been resolved. The bill is expected to move forward after gaining bipartisan support this week. Several Democratic senators have said they will not block the bill during the markup.
Senators Roger Marshall and Dick Durbin also confirmed they will not introduce an unrelated credit card fee amendment. Senator Kirsten Gillibrand said clear crypto rules are needed because digital assets work differently from traditional banking. She added that clear regulations would protect consumers, keep crypto companies in the U.S., and strengthen America’s position as a global financial hub.
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