U.S. Senate Delays Crypto Bill Markup to Late January Amid Bipartisan Talks

• Senate Agriculture Chair John Boozman delayed the crypto bill markup to late January to secure bipartisan backing.
• A draft Senate crypto bill is circulating, but key issues like stablecoin yield and ethics rules remain unresolved.
• Lawmakers warned review time is too short, as the bill needs at least 60 Senate votes to advance.

The U.S. Senate Agriculture Committee delayed a key vote on crypto market structure legislation on Monday in Washington. Chairman John Boozman postponed the markup from Thursday to the last week of January. The delay followed weekend talks, as lawmakers sought more time to secure bipartisan support and resolve unresolved policy details.

Chairman John Boozman said bipartisan discussions made meaningful progress over the weekend. However, he said outstanding issues still require further work. According to Boozman, the committee needs additional time to ensure broad support before moving forward.

Boozman praised Senator Cory Booker and his team for their engagement. He said the talks remained constructive despite complex policy questions. Notably, the Agriculture Committee had planned to mark up the bill alongside the Senate Banking Committee on Thursday.

Instead, Boozman confirmed the Agriculture Committee will act during the final week of January. The Banking Committee, however, plans to proceed with its scheduled hearing. Both committees must advance their bills before the full Senate can consider the legislation.

Meanwhile, a partial draft of the Senate’s crypto legislation circulated among industry stakeholders late Monday. According to people familiar with the draft, it remains unfinished and subject to change. The 272-page document addresses decentralized finance, illicit finance, banking, and regulatory oversight.

However, the draft leaves several issues unresolved. Notably, stablecoin rewards and yield remain marked as “to be supplied.” The bill also omits provisions addressing ethics concerns raised by Democratic lawmakers last fall.

The draft introduces a new section on DeFi oversight. It also includes the Senate’s “ancillary asset” concept, which the House did not adopt. This difference could require further negotiations between the chambers.

Earlier Monday, Senators Jack Reed, Tina Smith, and Chris Van Hollen urged Senate Banking Chairman Tim Scott to delay action. They warned members lacked adequate time to review the text and prepare amendments.

Under current plans, senators must file amendments by Tuesday evening. The Banking Committee will debate the bill Thursday. The Agriculture Committee’s delay now separates the two timelines.

According to observers, lawmakers aim to avoid advancing the bill without firm Democratic backing. At least 60 votes will be required for final Senate passage.