The U.S. Senate Agriculture Committee has approved a significant bill regulating the cryptocurrency market by a vote of 12 to 11, with all Democratic members opposing it. They raised concerns about ethical standards, consumer protections, and the independence of the Commodity Futures Trading Commission (CFTC). Committee Chairman Senator John Boozman acknowledged positive discussions during negotiations but admitted that fundamental policy disagreements remain. The legislation aims to bring digital commodities like Bitcoin under the CFTC’s jurisdiction while assigning digital assets related to securities to the Securities and Exchange Commission (SEC), clarifying long-debated regulatory issues. Democratic senators proposed amendments to ban officials from personally benefiting from crypto assets, protect against crypto ATM fraud, and strengthen consumer rights; however, these amendments were not adopted. The bill will now proceed to the Senate floor for further debate and possible revisions. Comparisons with the House-passed Digital Asset Market Clarity Act will be necessary to finalize the legislation. Meanwhile, the White House continues to engage stakeholders to develop a consensus policy on crypto regulation. This bill represents a key step toward establishing a stronger legal framework for cryptocurrencies in the U.S., aiming to enhance market transparency and consumer protection.
Source: bitcoinmagazine
