The Digital Commodity Intermediaries Act, crypto market infrastructure legislation, advanced out of the Senate Committee on Agriculture, Nutrition, and Forestry today. Chairman of the Committee, John Boozman, called the approval a critical step towards providing clarity in the digital asset ecosystem.
“Advancing this bill brings us closer to a U.S. regulatory framework that protects consumers while allowing American innovation and businesses to thrive,” said Boozman. “There’s still more work ahead, but I’m proud to lead this important effort and hopeful this will build momentum in the Senate to advance this legislation.”
The bill is described as building upon the CLARITY Act, which was approved by the House of Representatives several months back.
The Senate Ag Committee must work with the Senate Banking Committee to advance legislation to a floor vote. The Senate Banking Committee paused its debate amid disagreements between the banking and crypto industries, largely over whether stablecoin holders can earn a yield.
A meeting has been scheduled at the White House next week to encourage the two sides to compromise and reach an understanding on policy differences.
Crypto Council for Innovation CEO Ji Hun Kim issued the following statement on the legislation:
“Thank you, Chairman Boozman, Senate Agriculture Committee, and staff, for your steadfast leadership and tireless work in support of a comprehensive market structure framework for digital commodities.
Today’s markup of the Digital Commodity Intermediaries Act is a critical step in furtherance of that goal. This bill would provide CFTC spot market authority for digital commodities, clear rules for intermediaries, and robust consumer protections, including listing standards, disclosure requirements, and safeguards for customer property.
CCI appreciates Senator Booker and the Senate Agriculture Committee Democrats for their continued commitment to these goals, and we look forward to remaining actively engaged in the process ahead to further strengthen U.S. leadership in digital assets. “
A summary of the Senate Ag Committee legislation is available below.