Senate Agriculture Chair Weighs Delaying Crypto Bill Vote Amid Bipartisan Talks
Washington's crypto legislation hits a strategic pause—bipartisan negotiations push a potential vote into limbo. The Senate Agriculture Committee, tasked with overseeing swaths of the digital asset market, hits the brakes. Not a retreat, but a recalibration.
The Hold-Up: Why Delay Now?
Chairwoman Stabenow signals more time is needed. The goal? Forging a broader consensus that doesn't just squeak by but sets durable rules of the road. Behind closed doors, staffers scramble—drafting, redlining, debating jurisdictional overlaps with banking and commerce committees. It's a classic D.C. dance: hurry up and wait.
Market Whispers and Regulatory Chess
The delay sends immediate ripples through crypto corridors. Lobbyists adjust their weekly briefs, while exchange legal teams parse every leaked draft. The subtext is clear: getting this wrong could mean more enforcement-by-surprise, the SEC's favorite sport. Getting it right could finally draw a line between a security and a commodity—a distinction worth billions.
The Finish Line: What's At Stake?
This isn't just about one vote. It's about whether the U.S. crafts a coherent framework or continues its patchwork of regulation-by-lawsuit. The delay suggests lawmakers are weighing the long game over a quick political win. After all, in finance, the only thing faster than a blockchain transaction is a committee kicking the can down the road—usually right into the next election cycle.
Bipartisan Talks Drive Push to Delay Crypto Bill Vote
The aim, according to those briefed on the matter, WOULD be to consolidate bipartisan support before advancing the legislation.
The discussions center on negotiations with Cory Booker, the lead Democratic negotiator on the Agriculture Committee for the bill.
Boozman and Booker met Thursday, one of the sources said, as staff on both sides continued closed-door talks over outstanding policy differences.
Despite the possibility of a delay, Boozman publicly stated earlier this week that he intended to hold a vote next week regardless of whether bipartisan backing was secured.
A spokesperson for Boozman, Sara Lasure, told the outlet that the senator “remains committed to advancing a bipartisan bill,” while adding that the timing of the markup had not officially changed.
ALERT: The Senate Banking Committee is set to vote on the CLARITY Act—a key crypto market structure bill—on January 15. It has the potential to transform crypto trading by curbing manipulation and enforcing true transparency.
Key features:
– Outlaws wash trading and inflated… pic.twitter.com/VAwiEYyhoa
Booker has struck a more optimistic tone. In an interview Thursday, he said discussions were ongoing and expressed hope that the two sides could reach an agreement, suggesting negotiations were moving in a constructive direction.
The legislative push is unfolding across multiple committees. The Senate Banking Committee is also planning a markup of its portion of the crypto market structure package on Jan. 15.
That panel oversees provisions related to the Securities and Exchange Commission, while the Agriculture Committee has jurisdiction over elements involving the Commodity Futures Trading Commission.
The WHITE House has urged Congress to act swiftly. Administration officials, including crypto and artificial intelligence czar David Sacks, have pressed lawmakers to hold markups this month as momentum builds around creating a clearer regulatory framework for digital assets.
Community Bankers Push to Change GENIUS Act
Meanwhile, a group of US community bankers is pressing Congress to amend the GENIUS Act, arguing that the law leaves room for stablecoin-related rewards that could compete with traditional bank deposits.
In a letter to the Senate, the Community Bankers Council of the American Bankers Association said stablecoin issuers should be barred from indirectly offering yield through exchanges or affiliated partners.
The bankers warned that incentives tied to holding stablecoins on large trading platforms risk drawing deposits away from local banks, weakening their ability to lend to small businesses, households, and farmers.
While the GENIUS Act prohibits stablecoin issuers from paying interest directly, the council said the rule is being undermined by third-party reward programs.
In November, Coinbase Global also called on the US Treasury Department to ensure its upcoming rules for the GENIUS Act remain faithful to Congress’s original intent.
