On January 1, after months of delays, the U.S. Senate Banking Committee is expected to advance the review process of a digital asset market regulatory bill in the second week of January.
According to reports and sources familiar with the matter, the Banking Committee may hold a meeting in the second week of January to amend the Responsible Financial Innovation Act. This move would mark a significant breakthrough in the legislation, which has been slow to progress due to concerns from Democratic lawmakers about decentralized finance and the longest shutdown in federal government history.
Cody Carbone, CEO of the digital asset advocacy group The Digital Chamber, said the Senate will hold a revision session on at least one pending market structure bill in the second week of January. In addition, the Senate Agriculture Committee is also considering its version of the market structure bill, which may later be submitted to the full Senate for a vote.
This market structure bill, previously passed by the House of Representatives in July under the title "Clarity of Digital Asset Markets Act," is expected to grant the Commodity Futures Trading Commission (CFTC) greater power to regulate digital assets. Early drafts of the Senate bill indicate that the CFTC and the Securities and Exchange Commission (SEC) will collaborate more extensively on cryptocurrency regulation.
