Yeliz Akmaca 
The US Senate is facing difficulties in passing a comprehensive crypto bill that would regulate digital assets. The legislation aims to clarify the roles of the SEC and CFTC, but disagreements among lawmakers continue. Ohio Republican Senator Bernie Moreno described recent talks as “somewhat frustrating.”
The Senate Banking Committee plans a hearing for mid-December, but timing issues remain. Experts emphasize the importance of clear crypto regulations to protect investors and maintain market stability.
Senator Moreno Warns: “A Bad Bill Is Worse”
At the Blockchain Association Policy Summit, Moreno addressed ongoing debates on the bill’s content. He stated, “I don’t want to push through a bad bill just to say we passed something. There is no better deal than a bad deal.”
Moreno also announced plans to meet with Democrats to understand their perspectives. However, he complained that recent weeks’ discussions have been “quite frustrating.” Reports indicate that the House and Senate have developed different versions of a crypto market structure bill, which now need to be reconciled.
The House approved the Digital Asset Market Clarity Act, known as Clarity, in July. The legislation focuses on regulating the crypto ecosystem. Passing bills in the Senate remains more challenging than in the House.
Collaboration Between Senate Banking and Agriculture Committees
The Senate Banking Committee is preparing its own version of the crypto market structure bill. Under Republican leadership, the draft aims to define jurisdiction between the SEC and CFTC. It also introduces a new term to categorize ancillary assets, clarifying which cryptocurrencies are not considered securities.
For the bill to move forward, collaboration with the Senate Agriculture Committee is needed. Last month, the Agriculture Committee shared a draft that would grant new powers to the CFTC. Both drafts must undergo critical processes before being presented for voting.
Uncertainty Surrounds Upcoming Committee Markup Hearing
Reliable sources revealed that Senate Banking Committee Chair Tim Scott said a practical way exists to hold the markup hearing on December 17 or 18. However, Democratic Senator Mark Warner emphasized it may be difficult to finalize the hearing before the holidays.
Warner noted that the committee is awaiting guidance from the White House regarding quorum and ethics issues. Senate Banking Committee members continue to wait for this guidance to confirm the markup session timing.
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