Senate Agriculture Committee Postpones Cryptocurrency Bill Vote
On Monday, the Senate Agriculture Committee revealed that it would postpone the vote on a significant cryptocurrency market structure bill by two days due to a severe snowstorm affecting travel in Washington, D.C. Originally slated for Tuesday, the markup is now scheduled for Thursday. This delay is compounded by ongoing challenges, including a looming federal government shutdown set for Friday night, which threatens to push the crypto legislation further down the agenda for lawmakers.
Bipartisan Negotiations and Challenges
In a collaborative effort, Democrats and Republicans on the Agriculture Committee have been negotiating for several months to create a bipartisan framework for this portion of the Senate’s cryptocurrency legislation. The committee, which has jurisdiction over the Commodity Futures Trading Commission (CFTC), is tasked with the commodities-related aspects of the bill. Meanwhile, the Senate Banking Committee, which oversees the Securities and Exchange Commission (SEC), is responsible for the sections concerning securities and traditional banking.
Concerns Over Bipartisan Support
Despite the bipartisan aspirations, Agriculture Committee chair John Boozman (R-AR) opted to proceed with the key vote even without wide-ranging agreement on the bill’s details. He acknowledged that the version scheduled for discussion on Thursday lacks Democratic support and that considerable disparities on fundamental policy issues remain. Current forecasts suggest that there is a “99% likelihood” the markup will not receive backing from Senate Democrats, which could jeopardize the future of the legislation and cast doubt on its bipartisan nature that advocates have emphasized.
Heightened Urgency and Potential Delays
The movement toward a vote comes amidst heightened urgency, as supporters believed Agriculture’s markup could reignite bipartisan interest in the bill after the Senate Banking Committee had previously cancelled its markup. This cancellation was influenced by the unexpected withdrawal of support from the cryptocurrency exchange Coinbase due to conflicts with the banking sector, an issue still in contention.
As negotiations unfold, there is a prevailing consensus among various stakeholders that the window for passing this legislation before the arrival of the midterm elections in November is quickly closing. Additionally, tensions are mounting as the potential government shutdown linked to the Department of Homeland Security’s budget discussions could significantly derail the ongoing work, likely causing further delays in crucial votes related to cryptocurrency legislation.
