The U.S. cryptocurrency market structure bill passes a key Senate procedure despite opposition from Democrats

According to market news, the U.S. Senate Agriculture Committee has officially advanced the cryptocurrency market structure bill with a partisan vote of 12-11. This marks the first progress for the bill at the Senate committee level, indicating its entry into a new phase. However, due to the vote being entirely along party lines and lacking Democratic support, the bill still faces significant obstacles for future passage in the full Senate.

Committee Chairman and Republican John Boozman stated that significant progress has been made after months of negotiations, and it is now time to move the process forward. However, Democratic chief negotiator Corey Booker criticized the Republicans for withdrawing from negotiations and accused President Trump and his family of profiting from the crypto industry while attempting to push a regulatory framework lacking ethical constraints. Democrats on the committee unanimously oppose the current version but have expressed a willingness to continue negotiations to reach a bipartisan consensus.

The bill also needs to pass through the Senate Banking Committee, where its version has progressed slowly due to more controversial provisions involving stablecoin earnings. The White House plans to convene another meeting next week to coordinate positions among the cryptocurrency industry, banking sector, bipartisan lawmakers, and the government. If the bill ultimately passes in the Senate, it will be reconciled with the version that has already passed the House with a high vote and then submitted to the President for signing into law. Analysts point out that as the midterm elections approach, the legislative window is narrowing.