Two Senate committees will vote Wednesday on cryptocurrency market structure legislation that could establish clear regulatory boundaries for digital assets after years of jurisdictional disputes.
The Senate Banking and Agriculture committees scheduled synchronized markup sessions for January 15 to advance bills clarifying whether the SEC or CFTC regulates specific crypto activities.
Wall Street firms view the legislation as essential for institutional adoption.
What Happened
Senate Banking Chairman Tim Scott confirmed his committee will hold a markup at 10 AM ET Wednesday.
The Agriculture Committee, led by Chairman John Boozman, expects to meet the same day to advance its version of the bill.
The legislation would establish registration regimes for digital asset intermediaries and reduce classification uncertainty.
Negotiations continue over unresolved issues including DeFi regulation, stablecoin yield mechanics, and ethics rules for officials holding crypto.
Republicans hold Senate majority but need 60 votes for final passage, requiring Democratic support.
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Why It Matters
Clear regulatory boundaries would allow institutions to commit capital without fearing retroactive enforcement.
Codified rules would reduce risks if Washington's pro-crypto stance reversed under future administrations.
SEC Chairman Paul Atkins has taken a constructive approach, but absence of legislation leaves firms vulnerable to policy shifts.
Galaxy Digital and Coinbase operate institutional platforms positioned to benefit from regulatory clarity.
The legislation follows passage of the GENIUS stablecoin act and would complete the framework for digital asset regulation.
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