The U.S. Senate Agriculture Committee voted along party lines on Thursday to advance its version of a cryptocurrency market structure bill to create CFTC regulatory authority over digital commodities, a major development for digital asset regulation.
The Digital Commodity Intermediaries Act advanced on a party line-vote with 12 Republicans voting “yes” and 11 Democrats voting “no.” The vote is notable because it marks the fist time a crypto market structure bill has advanced beyond a Senate committee. The Senate Banking Committee would also need to approve its version of a crypto market structure bill before the two measures could combine and advance to the full Senate.
Senate Agriculture Committee Chairman John Boozman, R-Ark., proceeded with the bill after losing bipartisan support for an earlier version. Boozman had worked with Sen. Cory Booker, D-N.J., on a draft bill last year, but Booker walked away from the version the committee voted on Thursday. However, Sen. Kirsten Gillibrand, D-N.Y., said in an interview with CNBC last week that she was “very optimistic” the Agriculture Committee would advance its measure.
Boozman in a statement Thursday called the vote “a critical step toward creating clear rules for digital asset markets.” He said “there’s still more work ahead,” adding that he is “hopeful” the development “will build momentum in the Senate to advance this legislation.”
