TLDR
- The Senate Agriculture Committee plans to hold a markup and vote on crypto legislation next Thursday.
- The Senate Banking Committee has scheduled a hearing for January 15 to discuss the same crypto bill.
- Both committees must pass identical legislation before the full Senate can vote on the crypto framework.
- The final legislative text has not been released and may not be ready before the scheduled hearings.
- Democrats have raised ethics concerns involving former President Trump’s family ties to crypto firms.
The Senate Agriculture Committee plans to hold a markup and vote next Thursday on crypto market structure legislation, Punchbowl News reported, aligning with the Senate Banking Committee, which is targeting a January 15 hearing. Both panels are pushing to advance a unified bill governing crypto regulation before a full Senate vote, though updated legislative text is still pending. With tight timelines and political tensions, lawmakers race to finalize details.
Committees push forward without final bill text
The Senate Agriculture Committee has not formally scheduled its hearing, but sources confirm plans for a Thursday markup session. The Senate Banking Committee, led by Senator Tim Scott, aims to hold its own hearing on January 15. Neither committee has released the updated text of the legislation ahead of these sessions.
Draft bills released earlier gave the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) defined roles in crypto oversight. The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC. For a full Senate vote, both committees must pass matching versions of the bill.
Senate rules require that any legislative text be posted by Friday before a Thursday markup. However, insiders say the new drafts may not be ready. In that case, older language may serve as a placeholder during the session.
Democrats raise ethics concerns as talks intensify
Democratic lawmakers continue to raise concerns about ethics and influence around the legislation. One source of tension involves former President Donald Trump’s family ties to crypto businesses. According to Senator Cynthia Lummis, the White House has rejected proposals to place restrictions on the Trump family.
Last year, Democrats threatened to block the GENIUS Act over similar ethics concerns. The Banking Committee met Tuesday to review a working document summarizing Democratic demands and the bill’s status. Some Democratic proposals were accepted, while others remain unresolved.
Senator Scott set the upcoming deadline to maintain momentum on crypto regulation. However, staffers across committees are under pressure to complete updates on time. The urgency reflects growing interest in crypto rules rather than a formal Senate calendar deadline.
Financial sector adds pressure as lobbyists weigh in
Traditional financial institutions have become more vocal in recent negotiations over crypto legislation. These groups have raised concerns about stablecoin yields and developer liability. Their influence has shifted discussions in both Senate committees.
Some Democrats who usually resist financial industry lobbying have expressed support for certain arguments. These include concerns about digital assets disrupting the current financial system. Their involvement adds complexity to bipartisan negotiations.
Despite previous bipartisan efforts, some lobbyists now question the strategy of advancing a bill without full Democratic support. Discussions continue behind the scenes to resolve key policy gaps. Whether a unified draft emerges this week remains uncertain.
Lawmakers remain focused on preparing the crypto vote by next Thursday, even if they must rely on earlier bill versions.