US Senators Submit Amendments to Crypto Bill

US Senators Submit Amendments to Crypto Bill

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US Senators from both parties have introduced several amendments ahead of tomorrow’s markup on the Crypto Market Structure Act.

The markup was moved from earlier this week due to bad weather, but will now go ahead as planned even as concerns grow about a possible US government shutdown by Saturday. The suggested The amendments focus on crypto supervision, consumer protection and national security.

Senator Michael Bennet of Colorado introduced an amendment that would restrict cryptocurrency holdings and related activities for government officials and their immediate family members. It is not yet clear whether the committee will include this proposal in the bill.

Senator Amy Klobuchar of Minnesota, ranking member of the Senate Agriculture Committee, introduced two amendments. Implementation of the bill would be delayed until the Commodity Futures Trading Commission (CFTC) has four confirmed commissioners, including two from the minority party.

Lawmakers propose new amendments

The second would narrow the definition of a “retail participant” and better define the role of the Digital Commodity Retail Advocate. Other senators proposed amendments targeting specific risks in the crypto market. Senator Dick Durbin has introduced proposals to ban government bailouts for crypto issuers and add stricter anti-fraud rules for crypto ATMs.

Senators Tommy Tuberville of Alabama and Jerry Moran of Kansas introduced amendments that would limit the involvement of foreign adversaries in U.S. crypto markets. During the markup, senators will discuss each amendment and vote on whether it should be included in the bill. The committee will then decide whether to submit the legislation to the full Senate.

All committee members are expected to attend as weather-related delays have been resolved. The bill is expected to move forward after receiving bipartisan support this week. Several Democratic senators have said they will not block the bill during the increase.

Senators Roger Marshall and Dick Durbin also confirmed they will not introduce an unrelated change to credit card fees. Senator Kirsten Gillibrand said clear crypto rules are needed because digital assets work differently than traditional banking. She added that clear regulations would protect consumers, keep crypto companies in the US and strengthen America’s position as a global financial center.

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