Senate Crypto Bill Advances Amid Unresolved DeFi and Ethics Disputes
The Senate Banking Committee will vote on January 15 to advance a bipartisan crypto market structure bill, marking the first legislative movement after six months of negotiations. Key sticking points remain, particularly around DeFi oversight and ethical standards for regulators.
Industry lobbyists report substantive progress on DeFi provisions but warn the current draft lacks critical clarity on yield-bearing assets and decentralized protocols. Digital Chamber CEO Cody Carbone acknowledged bipartisan cooperation, yet major trade groups withhold full endorsement pending final language.
Democrats continue pushing for Treasury Department oversight authority and stricter ethics rules, while Republicans resist expanded bureaucratic control. The bill's treatment of stablecoins and algorithmic rewards remains contentious ahead of next week's markup vote.
Wall Street and crypto executives are mobilizing for last-minute lobbying, with key meetings scheduled this week on Capitol Hill. The outcome could determine whether the legislation moves forward or stalls in election-year politics.
