The structure of the US Crypto Bill Negotiation Text Gains New Momentum in the Senate Agriculture Committee

The legislative battle behind the negotiation text structure of the American crypto market bill is entering a critical phase. The Senate Agriculture Committee recently released its own draft version to be considered in the markup session on January 27, marking a significant step in the long-awaited industry regulation efforts.

Senate Agriculture Committee Launches New Pro-Crypto Version

The bill draft from the Senate Agriculture Committee offers a different approach from the version previously proposed by the Banking Committee. This new text represents a negotiation structure that leans more toward the crypto industry, maintaining legal liability protections for digital asset developers as long as they do not directly control customer funds.

Committee Chairman John Boozman stated that this draft is the result of ongoing collaboration, although full agreement between the two parties has not yet been reached. “While there are still differences on fundamental policy issues, this bill is an evolution of our bipartisan discussion draft,” Boozman said, acknowledging the contributions of Senator Cory Booker and his team in developing a better consumer protection framework.

The agricultural committee version also highlights the role of the Commodity Futures Trading Commission (CFTC) as the primary regulator of the spot market for crypto tokens that are not classified as securities, such as Bitcoin [BTC], which is currently traded around $87,67K.

Negotiation Text Structure Battle: Bipartisan Differences in Regulation Negotiations

The effort to structure this negotiation text faces significant hurdles from Democrats, who have deep concerns about various regulatory aspects. A major challenge is the composition of the regulatory body—Democrats object to President Donald Trump’s reluctance to appoint members of their party to key positions at the CFTC and Securities and Exchange Commission (SEC).

Democratic legislators also advocate for strict ethical treatment to prevent senior federal officials from personally profiting from crypto investments. Additionally, there is fundamental disagreement over the treatment of stablecoins and decentralized finance (DeFi) platforms—traditional banking industry insists that DeFi platforms should be regulated like conventional financial institutions, a requirement that DeFi supporters consider impractical.

When the markup session is held on the scheduled date, Democrats will have the opportunity to propose amendments that alter the substance of the law. However, with the bill being pushed by the Republican Party and lacking strong bipartisan support expected by the industry, prospects for substantial changes remain limited.

Path Toward a Comprehensive Regulatory Framework and Implementation Challenges

To become federal law, the bill requires approval from at least seven Democratic Senators—an threshold that will determine the viability of passing this proposal in the legislative chamber. If it successfully passes the Senate, it is unlikely to face significant obstacles in the House of Representatives, given that body previously approved a similar Digital Clarity Act last year with bipartisan support.

Currently, various industry stakeholders are studying the negotiation text structure in detail to identify key areas. Some issues remain a sticking point—for example, whether stablecoins can provide yields/rewards to fundholders has become a major battleground, with banking groups stating this could threaten the traditional deposit collection base in the United States.

Leading crypto exchange Coinbase even withdrew its support for the previous draft hours before the planned committee markup, signaling industry dissatisfaction with the earlier negotiation text structure.

Global Crypto Roadmap: From US Negotiations to Russia’s Plans

While the industry focuses on US negotiations, crypto regulation momentum is growing globally. President Trump, in his speech in Switzerland, hinted that the US will soon release a comprehensive crypto regulation framework. Patrick Witt, senior crypto advisor at the White House, emphasized: “It’s not a matter of if, but when. Assuming that a multi-trillion-dollar industry will continue to operate without a clear regulatory framework is purely a fantasy.”

In Russia, the country has announced plans to introduce a comprehensive crypto market regulation framework starting July 1, 2027. This framework will distinguish between qualified and non-qualified investors, with qualified investors undergoing mandatory risk testing without strict purchase limits. The central bank is expected to approve a list of major cryptocurrencies such as Bitcoin and Ether for broad trading, while banning privacy coins like Monero and Zcash, and imposing sanctions equivalent to illegal banking for unlawful crypto activities.

In the broader ecosystem, innovative projects like Pudgy Penguins demonstrate the industry’s evolution toward convergence between mainstream channels and Web3 utility. This platform has achieved over $13 million in retail sales and airdropped PENGU tokens to more than 6 million wallets, demonstrating growth potential if the regulatory framework provides the necessary legal certainty.

The ongoing negotiation text structure in the United States will shape the global regulatory landscape for the coming years. Success in reaching an agreement that benefits all parties is not only crucial for the US crypto industry but also sets a precedent for other jurisdictions currently formulating their own regulatory approaches.