The market structure legislation for the first time advanced beyond a committee, setting up the next steps that could end with a vote of the overall chamber.
The market structure legislation for the first time advanced beyond a committee, setting up the next steps that could end with a vote of the overall chamber.After a brief series of amendments were rejected, the U.
S. Senate Agriculture Committee voted to advance its version of the crypto market structure bill to its next phase. That a high-water mark for market structure legislation in the Senate, after years of negotiation and lobbying, but the bill still needs to same treatment at the Senate Banking Committee. It's also lacking Democratic support that would be required for an eventual passage in the overall Senate, though Democrats remain at the negotiating table. A U.S. Senate committee formally advanced the crypto market structure bill on Thursday, moving to a new stage with the legislation that the industry hopes will help it reach a new plateau of investor confidence and involvement. This is as far as the crypto sector's top policy effort has ever progressed in the Senate, though there are some headwinds. Thewas the Senate Agriculture Committee, and its Republican chairman chose to step away from negotiations and vote on the legislation without bipartisan support. The resulting Republican-driven result — concluding quickly with a 12-11 party-line vote — will still need to gather significant Democratic support before it can eventually clear the structural hurdles of the Senate. "After months of work, we have made significant progress, really significant progress working together," said committee Chairman John Boozman, as the panel began work. "Now it's time to move this process forward." Democrats at the long-awaited markup session lined up as a unified block to oppose Republican preferences, illustrating the partisan standoff that's yet to be overcome. Several Democrats noted they hope to keep working on it to get to a bipartisan version, and Boozman himself acknowledged that the text can be updated through a manager's amendment before it proceeds through the Senate. "The progress that has been made here is good, but I think we believe that we're not quite done yet," said Senator Amy Klobuchar, the panel's ranking Democrat. "I hope we can continue to negotiate as this bill moves forward." The Agriculture Committee is one of two panels that ultimately need to sign off on the legislation. However, it's the Senate Banking Committee that, because its version of the Digital Asset Market Clarity Act contains some of the more controversial elements, including the question of stablecoin yield. That effort, though, has been delayed in its own markup and stymied by the search for a compromise that will satisfy a number of interests, including Wall Street banking lobbyists.next week with the intent to find common ground among crypto, banking, Republican, Democratic and administration interests. President Donald Trump and his representatives have pushed back on a couple of central points in the legislative effort, including Democrats' demands that he and other senior government officials be blocked from personally benefiting from crypto business interests. Senator Corey Booker, the lead Democrat negotiator, said the White House has made progress on the bill "infinitely harder.""This is ridiculous that the president of the United States and his family have made billions of dollars off of this industry and are still trying to create a framework here without the kind of ethics that would prevent this kind of gross corruption in our country," Booker said.Boozman also seemed to support another of the Democrats' requests, that the Commodity Futures Trading Commission get a full slate of commissioners as it moves into a leading role in overseeing crypto.The chairman noted as the markup concluded that the committee now needs to work with its Banking Committee counterparts and with lawmakers in the House of Representatives to come up with something that can be supported by both parties. He also said some of the amendments offered were better suited to that committee's version of the bill.After the legislation cleared the Senate Agriculture Committee on Thursday, it eventually needs to do the same in the Banking Committee. The distinct versions would need to be combined for a final Senate floor bill, which potentially gives the bill's advocates another chance to satisfy resistant Democrats.A yes at that stage moves it back to the House of Representatives, which already passed its own version of the legislation with an overwhelming majority.The crypto industry is already sitting on a high-stakes win in this congressional session, having advanced a bill to govern U.S. stablecoin issuers into law, making its first major legislative victory in the U.S. But the industry has a tightening window to get this even bigger bill through as the Senate battles over federal funding and is getting nearer November's midterm elections.Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products , games and experiences , and a widely distributed token . While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility. SEC chair says 'time is right' for pension funds to include crypto, CFTC head says digital assets set to flourish SEC Chair Paul Atkins and CFTC Chair Mike Selig said they are working with the Senate to get a crypto market structure bill over the line.SEC Chair Paul Atkins said the "time is right" for 401 plans to include cryptocurrency, provided it is done in a measured way with guardrails to protect retirees. The remarks came as the Senate Agriculture Committee advanced a draft crypto market structure bill that would expand the CFTC's role and clarify its oversight boundaries with the SEC, though the legislation still faces a long road to becoming law. CFTC Chair Michael Selig predicted digital assets will "flourish" under forthcoming U.S. rules, arguing that clear national standards could bring blockchain firms back onshore and make the U.S. a premier hub for crypto markets.SEC chair says 'time is right' for pension funds to include crypto, CFTC head says digital assets set to flourish
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