The vote on Sen. Debbie Stabenow’s crypto bill has been delayed, with work expected to resume in September as lawmakers seek broader consensus.
Points
- Vote
on Sen. Stabenow’s crypto bill delayed due to lack of support.
– Markup hearing rescheduled for after August recess.
– Bill aims to regulate digital commodities and provide CFTC authority.
Delay in Crypto Bill Vote
Plans to vote on Sen. Debbie Stabenow’s cryptocurrency regulation bill have been delayed, with the vote expected to resume in September. The bill, which aims to provide regulatory oversight for digital commodities, was set for a markup hearing but faced opposition, particularly from Sen. John Boozman, the top Republican on the Senate Agriculture Committee.
Seeking Broader Consensus
Cody Carbone, chief policy officer at The Digital Chamber, explained that the legislation has undergone several iterations to address industry concerns and input from committee members. Sen. Stabenow emphasized the need for a bipartisan approach and stated that the bill would be taken up again after the August recess to build more consensus.
Carbone: “The legislation has been going through several iterations as industry leaders and committee members are continuing to provide input to Senator Stabenow’s team.”
Sen. Boozman acknowledged Stabenow’s efforts to address his concerns, noting that digital commodities and their regulatory issues are complex and require thorough deliberation.
Bill’s Provisions and Objectives
The bill seeks to grant the Commodity Futures Trading Commission （CFTC） authority over digital commodities, ensuring adequate capital reserves and strict cybersecurity standards for crypto firms. It also aims to protect retail customers by providing accurate information about their assets.
Ron Hammond, director of government relations at the Blockchain Association, noted that the delay was partly due to the upcoming U.S. elections, with lawmakers focusing on their campaigns. He added that the bill is not dead and is expected to be revisited in September.
Hammond: “It is moving forward from all accounts and from all sources on both sides of the aisle, but they’re still seeing a lot of unresolved issues, both politically and with the text itself.”
Comparison with House Bill
The House has already passed a Republican-led crypto market structure bill in May, which gives new jurisdiction to the CFTC over digital commodities and asserts the SEC would oversee digital assets offered as part of an investment contract. The differences between the House and Senate bills would need to be reconciled, which could take time.
解説
- Regulatory Oversight: The bill aims to establish a comprehensive regulatory framework for digital commodities, providing clarity and protection for investors.
- Bipartisan Efforts: Achieving bipartisan support is crucial for the bill’s success, highlighting the importance of addressing concerns from both parties.
- Market Implications: Regulatory developments can significantly impact the crypto market, influencing investor confidence and market stability.