A hearing to amend and vote on sweeping cryptocurrency legislation was pushed back a few days due to snowy weather in Washington, D.C.
The Senate Agriculture Committee was originally scheduled to meet Tuesday afternoon for a markup of a broad crypto bill that would regulate the industry, in part by expanding the authority of the Commodity Futures Trading Commission. The committee has now postponed the session to 10:30 a.m. Thursday, according to a notice released Monday morning.
The hearing would mark the first time the Senate moves to amend and vote on crypto legislation, following setbacks faced by a parallel effort in the Senate Banking Committee, which was forced to delay its own hearing. The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the Securities and Exchange Commission — two agencies that play central roles in crypto regulation.
Last week, the Senate Agriculture Committee, led by Republicans, released its bill text, but it seemingly lacked Democratic support. A source familiar with the matter told The Block last week that there has not been a clear articulation of why Democrats don’t like the bill and said that it seems to be more revolved around political disagreements.
Later in the week, amendments were filed, including one that seeks to address concerns among many Democrats with Trump and his family’s crypto interests. Bloomberg estimated that Trump has raked in about $1.4 billion from his crypto ventures, including from DeFi and stablecoin project World Liberty Financial. The Trump family also holds a 20% stake in the mining firm American Bitcoin.
Meanwhile, the Senate Banking Committee has not yet rescheduled its hearing that fell through after Coinbase withdrew its support, citing unresolved issues over the treatment of tokenized equities, DeFi, roles for the SEC and CFTC, and a looming issue — how to treat stablecoin rewards. The Senate Banking Committee’s bill had over 70 amendments at the time its hearing was postponed.
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