US Senate Agriculture Committee Advances Crypto Market Structure Bill
A major step toward clearer crypto regulation in the United States
The US Senate Agriculture Committee has advanced a long-awaited crypto market structure bill, marking a significant milestone in Congress’ effort to define how digital asset markets are regulated in the United States.
After months of negotiations and industry pressure, lawmakers voted 12–11 along party lines to move the bill forward, setting the stage for future debate on the Senate floor once it is merged with parallel legislation from the Banking Committee.
What happened during the markup session
The committee held a formal markup session, where lawmakers debated and voted on amendments to the bill. Three proposed amendments were introduced — all of which failed along party lines.
Key moments from the session included:
- Democrats pushing for ethics provisions, including limits on lawmakers owning digital assets
- Calls for stronger consumer protections and clearer oversight authority
- Emphasis on not stifling innovation in decentralized technology
Senator Cory Booker summarized one of the central concerns:
“We do not want to be criminalizing people who are writing code.”
What the bill aims to do
If ultimately passed into law, the market structure bill would:
- Grant the Commodity Futures Trading Commission clear authority over spot markets for digital commodities
- Establish defined rules for crypto intermediaries, exchanges, and brokers
- Introduce consumer protection standards, including custody and disclosure rules
- Clarify coordination between the Securities and Exchange Commission and the CFTC
Industry groups say the bill would move US crypto regulation away from enforcement-only actions toward a clear rule-based framework.
Why bipartisan support remains difficult
Despite advancing out of committee, the bill still faces hurdles:
- Democrats raised concerns about ethics, conflicts of interest, and national security
- Some lawmakers objected to expanding CFTC authority while the agency currently lacks a full slate of commissioners
- Ongoing disagreement over how decentralized finance (DeFi) should be treated under federal law
The Agriculture Committee’s version must still be merged with the Senate Banking Committee’s draft, which recently delayed its own markup after industry backlash.
Industry reaction: cautious optimism
Crypto advocacy groups welcomed the progress, while acknowledging that negotiations are far from over.
Industry leaders emphasized that:
- Clear market rules are essential for innovation and consumer safety
- A unified bill is needed to avoid regulatory fragmentation
- Bipartisan compromise will be required to reach the President’s desk
As one industry representative put it, “We’re close — but not across the finish line yet.”
What happens next
- The Agriculture Committee’s bill will be reconciled with the Banking Committee version
- Further negotiations are expected over ethics provisions and DeFi language
- A full Senate vote is unlikely until both committees align on a unified draft
If passed, the legislation would represent the most comprehensive crypto regulatory framework in US history.
Why this matters
This vote signals that crypto regulation in the US is moving from debate to action. While challenges remain, the advancement of the bill shows that lawmakers are increasingly focused on providing clarity rather than uncertainty for digital asset markets.
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