TLDR
- The Senate Agriculture Committee postponed its crypto market structure bill hearing from Tuesday to Thursday due to a severe winter storm.
- Lawmakers were scheduled to debate amendments and vote on the bill before weather disruptions forced a delay.
- Senator John Boozman stated that he and Senator Cory Booker could not reach an agreement on the bill text.
- Only Republican members currently support the bill which raises concerns about bipartisan backing in the Senate.
- Proposed amendments include the Credit Card Competition Act and calls for bipartisan regulatory leadership.
A powerful winter storm forced the Senate Agriculture Committee to postpone its hearing on the crypto market structure bill to Thursday. This disrupted plans for lawmakers to debate proposed amendments, vote on the bill, and move it through the Senate process as scheduled on Tuesday.
Weather Disruption Alters Senate Schedule
The weekend storm swept through the East Coast and several other states, prompting flight cancellations and delays across government schedules. As a result, the committee delayed its Tuesday markup session and rescheduled it for Thursday. The new date affects not just the bill’s markup but also other scheduled events.
The Commodity Futures Trading Commission (CFTC) market structure bill was the main agenda of the postponed hearing. Lawmakers were expected to offer amendments and discuss the scope of crypto oversight. Committee leaders aimed to finalize a bipartisan version of the legislation this week.
Senator John Boozman confirmed that he and Senator Cory Booker could not agree on the final bill language. “There remain fundamental policy differences,” Boozman said in a statement. Only Republican committee members currently back the bill publicly.
Amendments Include Credit Card Competition Act
Late Friday, lawmakers filed a group of proposed amendments ahead of the expected Tuesday session. Among them was the bipartisan Credit Card Competition Act, submitted by Senators Marshall, Durbin, and Welch. The amendment would require large banks to support two unaffiliated card networks on credit cards.
That change would reduce dependence on Visa and Mastercard, offering merchants more transaction options. Industry voices have raised concerns about attaching unrelated legislation to the market structure bill. They warn this could reduce support for the overall proposal in the Senate.
Other proposed amendments include stronger ethics standards for senior government officials. There is also a call for bipartisan leadership of regulatory agencies. These proposals will now be reviewed at Thursday’s rescheduled hearing.
Market Structure Bill Faces Political Roadblocks
The bill was originally expected to face less debate than the Banking Committee’s version. However, partisan support lines began to emerge last week, raising concerns over the bill’s fate. Only Republican members have endorsed the current draft, increasing the risk of Senate gridlock.
Crypto industry groups praised the bill released last Wednesday. They noted its protections for non-custodial software developers and infrastructure providers. It limits regulatory control to intermediaries without targeting protocols or individual users.
Still, some firms remain cautious about the bill’s trajectory. They worry that unrelated amendments could complicate passage. The inclusion of the Credit Card Competition Act remains a particular point of contention.
Banking Committee and Agencies Also Delay Events
The Senate Banking Committee postponed its own hearing on a different version of the crypto bill earlier this month. No new date has been announced. Reports suggest the committee awaits resolution on stablecoin yield issues.
At the same time, the Securities and Exchange Commission and the CFTC postponed a planned joint press event. That event was rescheduled from Tuesday to Thursday at 2:00 p.m. ET. The delay aligns with the Senate’s revised hearing schedule.
The White House reportedly wants the crypto sector and banking lobby to resolve disagreements before hearings resume. Lawmakers are under pressure to act quickly as other deadlines loom. The current government funding runs out this Friday.
The House passed a funding package on Thursday, but the Senate has not yet voted. That vote is pending and must happen before the deadline. Until then, legislative schedules remain fluid.
Crypto Markets Hold Steady Despite Legislative Delays
Despite the delays in Washington, the crypto market remained stable as of Monday. The total market capitalization saw a slight 0.13% gain, reaching $2.96 trillion. Bitcoin led the market with consistent performance across major exchanges.
The fear and greed index remained at 29, placing it in the “fear” category. Analysts attribute this to investor uncertainty over the lack of regulatory clarity. Market participants await clearer signals from Congress and regulators.
Benchmark warned of possible long-term impacts from a failure to pass the market structure bill. The brokerage firm noted that regulatory uncertainty increases risk premiums for digital assets. Bitcoin and miners may be less exposed than altcoins and decentralized platforms.
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