Industry Feedback: Crypto Market Structure Bill Draft Raises Calls For Improvements | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The unveiling of the anticipated draft of the crypto-centric Market Structure Bill has stirred a wave of reactions and demands for key enhancements from industry stakeholders

Crypto Market Structure Bill Draft Under Scrutiny

According to Crypto In America, the long-awaited market structure discussion draft presented by the Senate Agriculture Committee this week has left many in the industry expressing the need for substantial improvements before extending their complete backing

Related Reading: Ethereum’s Fusaka Upgrade Is Just Around The Corner—What To ExpectLed by Chairman John Boozman and Senator Cory Booker, the draft draws inspiration from the CLARITY Act, aiming to delineate the definition of a digital commodity while accentuating aspects related to customer protections, oversight by the Commodity Futures Trading Commission (CFTC), and self-custody protocols

However, the presence of blockchain-related language enclosed in brackets signifies ongoing deliberations among lawmakers, with significant sections pertaining to decentralized finance (DeFi) and anti-money laundering (AML) left vacant.

A figure from a leading crypto trade association articulated that while the bill marks a positive initiation, further amendments are requisite for industry-wide support

Notably, discussions suggest that the Senate Agriculture Committee may be awaiting deliberations from their Senate Banking counterparts, particularly concerning DeFi components falling under the purview of the Blockchain Regulatory Certainty Act (BRCA).

Expressing hope for clarity in the DeFi domain, DeFi Education Fund Executive Director Amanda Tuminelli emphasized the necessity for robust developer protections that distinctly differentiate centralized intermediaries from software developers devoid of custody and financial control over external assets

Acknowledging the iterative nature of a discussion draft, industry participants have demonstrated willingness to engage with legislators in refining the regulatory process.

December Markup For Merging Market Structure Drafts

Anticipating positive collaborations, Digital Chamber CEO Cody Carbone conveyed eagerness to collaborate in advancing the legislative agenda

Concurrently, the Senate Banking Committee has disclosed two market structure drafts, primarily led by the GOP, with ongoing bipartisan negotiations hinting at a potential merger of the drafts upon mutual satisfaction

Chairman Boozman has articulated a commitment to an early December markup session, underscoring the legislative trajectory aimed at integrating both draft versions into a cohesive framework.

Related Reading: Coinbase Shifts Business Registration To Texas In Latest Corporate MoveAn unresolved clause in the Senate Ag draft proposes that the CFTC should nominate at least two commissioners post-consultation with the committee’s minority faction, potentially solidifying the necessity for minority seats within the commission

Key deliberations are scheduled, including the nomination hearing for Mike Selig, Trump’s nominee for the CFTC chair position. While the agency anticipates further nominations, the process remains underway without definitive names put forth for additional commissioner roles.

The daily chart shows the total crypto market cap drop. Source: TOTAL on TradingView.comFeatured image from DALL-E, chart from TradingView.com

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