Senate Agriculture's Top Dem: Crypto Market Structure Effort Needs 'Serious Changes'
Main Idea
Senator Amy Klobuchar emphasizes the need for collaboration between the Senate Agriculture and Banking Committees to establish a comprehensive regulatory framework for crypto markets, despite procedural delays and differing committee progress.
Key Points
1. Senator Amy Klobuchar, the top Democrat on the Senate Agriculture Committee, stressed the necessity for agreement between the Agriculture and Banking Committees on crypto legislation.
2. The Digital Asset Markets Clarity Act faces procedural delays, requiring approval from both committees.
3. Banking Committee Chairman Tim Scott has set principles for the bill, but a working draft has not yet been released.
4. Klobuchar warned against being sidelined, calling for serious negotiation to develop a regulatory framework for digital assets.
5. The Senate Agriculture Committee has historically been more collaborative than the Banking Committee, as seen in past votes on stablecoin legislation.
Description
The Senate Agriculture Committee leapt into Congress' negotiation over crypto's market structure legislation with a hearing on Tuesday , and its ranking Democrat, Senator Amy Klobuchar, outlined the significant changes she'd like to see before she'd embrace the effort to set up digital assets regulations. As the House potentially nears passage of its own market structure bill in the Digital Asset Markets Clarity Act (despite a procedural delay on Tuesday ), Klobuchar's committee will need to sig...
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