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The revelation of the awaited draft of the cryptocurrency-focused Market Structure Bill has generated a surge of responses and requests for crucial enhancements from industry participants.
Crypto Market Structure Bill Draft Under Examination
As per Crypto In America, the long-anticipated market structure discussion draft introduced by the Senate Agriculture Committee this week has prompted many within the industry to voice the necessity for considerable enhancements prior to providing their full endorsement.
Guided by Chairman John Boozman and Senator Cory Booker, the draft is influenced by the CLARITY Act, designed to clarify the definition of a digital commodity while highlighting aspects related to customer safeguards, supervision by the Commodity Futures Trading Commission (CFTC), and self-custody practices.
Nonetheless, the inclusion of blockchain-associated terms enclosed in brackets indicates ongoing discussions among legislators, with key segments related to decentralized finance (DeFi) and anti-money laundering (AML) still unaddressed.
A representative from a prominent crypto trade organization stated that while the bill represents a favorable beginning, additional revisions are necessary for widespread industry approval.
Importantly, discussions imply that the Senate Agriculture Committee may be awaiting insights from their Senate Banking colleagues, especially regarding DeFi elements governed by the Blockchain Regulatory Certainty Act (BRCA).
Expressing optimism for clarity in the DeFi sector, DeFi Education Fund Executive Director Amanda Tuminelli stressed the importance of strong developer protections that clearly distinguish centralized intermediaries from software developers lacking custody and financial authority over external assets.
Recognizing the evolving nature of a discussion draft, industry stakeholders have shown readiness to engage with lawmakers in refining the regulatory framework.
December Markup For Unifying Market Structure Drafts
Expecting constructive partnerships, Digital Chamber CEO Cody Carbone expressed eagerness to work collaboratively in promoting the legislative agenda.
Simultaneously, the Senate Banking Committee has revealed two market structure drafts, predominantly led by the GOP, with ongoing bipartisan discussions indicating a potential amalgamation of the drafts upon mutual agreement.
Chairman Boozman has expressed a commitment to an early December markup session, emphasizing the legislative pathway aimed at merging both draft iterations into a unified framework.
An outstanding clause in the Senate Ag draft suggests that the CFTC should appoint at least two commissioners following consultations with the committee’s minority faction, potentially reinforcing the necessity for minority representation within the commission.
Key discussions are on the agenda, including the nomination hearing for Mike Selig, Trump’s nominee for the CFTC chair position. While the agency anticipates additional nominations, the process remains ongoing without specific names being proposed for further commissioner roles.
Highlighted image from DALL-E, chart sourced from TradingView.com
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