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Galaxy Research Director Alex Thorn announced in a post on X that a critical legislative process that will shape the legal framework of the cryptocurrency market will enter a significant phase next week.
According to Thorn, a key session on the structure of the crypto market will take place next week.
The Republican-controlled Senate Agriculture Committee has released a draft text titled the “Digital Commodity Intermediaries Act.” This draft is expected to be combined with related regulations completed by the Senate Banking Committee to create a comprehensive “Cryptocurrency Market Structure Act.”
Because the Committee on Agriculture has supervisory authority over the Commodity Futures Trading Commission (CFTC), the draft legislation focuses primarily on the digital commodities market. The main objective of the draft is to grant the CFTC exclusive regulatory authority over the spot cryptocurrency market, including crypto trading platforms and brokers.
The committee is reportedly scheduled to hold a hearing on Tuesday, January 27, to consider amendments to the bill. At this hearing, politicians from both parties are expected to present proposed amendments. While regulations concerning the commodity nature of the crypto market, particularly the CFTC’s authority over the spot market, are considered less controversial than those concerning securities, the current draft is said to exhibit a distinctly partisan bias. The draft has not yet received formal support from the Democrats’ chief negotiator; however, it includes many elements previously agreed upon with the Democrats.
The text prepared by the Senate Agriculture Committee largely aligns with market expectations. At its core is the creation of a CFTC-focused regulatory framework for the digital commodity spot market. Compared to the regulations considered by the Senate Banking Committee, this draft is seen as having a narrower scope and offering a relatively less politically sensitive and controversial framework.
*This is not investment advice.