Senate Agriculture Committee Publishes 'GOP-Only' Crypto Clarity Draft

On Wednesday, Senate Agriculture Committee Chair John Boozman (R-AR) unveiled a new crypto market structure bill. The draft legislation is separate the Senate Banking Committee's DAMCA, published last week.

What's the Scoop?

• Expanded Authorities: If enacted, the Senate Agriculture Committee's bill would give the Commodity Futures Trading Commission (CFTC) expansive authority to regulate digital commodities. Already declared less crypto-friendly than last week's Senate Banking draft, detractors fear the proposal would saddle the crypto industry with onerous oversight and custody requirements.
• GOP-Only: Despite cooperation from Democrat Senator Cory Booker, the Senate Agriculture Committee's bill has thus failed to secure bipartisan support. According to a Booker spokesperson, the Senator has been, “working in good faith with Senator Boozman for months to craft market structure legislation that can get broad support in the Senate.”
• Imminent Action: The Senate Agriculture Committee is expected to markup the crypto market structure draft legislation on January 27. Politico reports that a subsequent Committee vote is scheduled sometime next week.