US lawmakers and regulators are set to resume discussions around crypto market structure this week after severe winter weather disrupted federal schedules, with both Congress and regulators now pointing to Thursday, 29 January, for closely watched developments.
The US Senate Agriculture Committee confirmed it will hold a markup hearing at 10:30 a.m. ET. The meeting is to review and amend its latest draft of a digital asset market structure bill, commonly referred to as the Digital Commodities Intermediary Act.
The committee oversees commodities markets and the Commodity Futures Trading Commission, placing it at the centre of ongoing debates over crypto oversight and regulatory jurisdiction.
Markup and harmonization date set
The markup had been expected earlier in the week. However, it was postponed due to winter storms across parts of the US that disrupted travel and Senate operations.
A markup is a procedural step in the legislative process that allows committee members to debate, amend, and vote on whether to advance a bill out of committee.
While passage is not guaranteed, a successful markup would move the legislation closer to full Senate consideration.
Regulatory coordination is also on the agenda on the same day. The US Securities and Exchange Commission said its upcoming “harmonization” event with the CFTC has been rescheduled to 2:00 p.m. ET on Thursday.
The SEC did not provide agenda details, describing the session as focused on inter-agency coordination.
While the two events are not formally linked, their timing highlights parallel activity across the legislative and regulatory branches as US authorities continue to grapple with crypto market structure following years of enforcement-led oversight and jurisdictional disputes.
Amendments could reshape the bill’s scope
Ahead of the markup, senators have filed a slate of first-degree amendments. The amendments would expand the bill well beyond its original aim of establishing a CFTC-led framework for spot digital commodity markets.
Several proposals from Sen. Michael Bennet would add a new “Digital Asset Ethics Act.”
This will bar senior federal officials, including the president, vice president, and members of Congress, from issuing, endorsing, or holding digital assets, including indirect exposure through exchange-traded funds or derivatives.
Source: US Agric Committee
Other amendments focus on consumer protection and systemic risk. Measures from Sen. Dick Durbin would prohibit federal agencies from providing emergency financial assistance to digital asset intermediaries, explicitly blocking access to Federal Reserve emergency lending facilities.
A separate Durbin proposal would establish a new CFTC regulatory regime for crypto kiosks and ATMs, imposing registration, disclosure, and fraud-prevention requirements.
National security provisions also feature prominently. Amendments from Sens.
Jerry Moran and Tommy Tuberville would restrict or prohibit the registration of digital commodity platforms that maintain critical infrastructure, substantial operations, or majority ownership ties in designated foreign adversary jurisdictions, including China, Russia, Iran, and North Korea.
At the same time, some proposals seek to narrow regulatory reach. One Tuberville amendment would clarify that digital commodity brokers and dealers are subject to CFTC requirements only for activities directly tied to their registered functions.
Separately, an amendment co-sponsored by Sens. Roger Marshall and Durbin would prohibit large credit card issuers and payment networks from enforcing network exclusivity, a measure unrelated to crypto that could test the bill’s scope.
Final Thoughts
- Thursday’s markup will determine whether the bill remains narrowly focused on market structure or expands into ethics, security, and payments policy.
- Any regulatory impact will depend on amendment votes and official statements rather than scheduling alone.
Source: https://ambcrypto.com/us-crypto-market-structure-talks-resume-as-senate-markup-and-sec-cftc-event-converge/
