Senators began a markup Thursday morning on a long-awaited crypto market structure bill in the Senate Agriculture Committee hearing, seeking clearer rules for digital asset markets and to move beyond enforcement-led regulation. Lawmakers said the session will show bipartisan support and highlight provisions likely to face resistance.
The bill, named the Digital Commodity Intermediaries Act in committee, faced votes on 11 amendments covering CFTC leadership, ethics rules, and foreign interference in U.S. markets. One proposed amendment on credit card swipe fees linked to payments was listed but reports said Roger Marshall would not press it, and Coinbase has opposed a related Senate Banking draft.
Democrats pushed ethics and security concerns and urged bipartisan fixes to technical issues in the draft. Elissa Slotkin warned about concentrated oversight and said “Handing over responsibility for oversight of this bill to one guy, who in his own confirmation hearing in front of our committee was very open about being very pro-crypto industry, just doesn’t give confidence that, again, we’re gonna have appropriate balanced oversight on a very new issue,” noting the CFTC currently lacks full membership under Chair Michael Selig.
Cory Booker outlined goals for coordinated rulemaking between the SEC and CFTC, and for protections for self-custody and innovation. He said, “We do not want to be criminalizing people who are writing code,” and criticized White House involvement in the process.
John Boozman described the panel’s work as “really significant progress”, while Amy Klobuchar said she would press an amendment requiring the CFTC to have at least four confirmed commissioners before the bill takes effect. The markup remains a developing story and lawmakers continue debating amendments.
