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Galaxy Research Lead: Crypto Market Structure Legislation to Face Key Hearing Next Week, Bipartisan Lawmakers May Introduce Amendments
BlockBeats News, January 25th, Galaxy Research Director Alex Thorn posted on the X platform, stating that next week will see a key hearing in the cryptocurrency market structure legislative process. Senate Agriculture Committee Republicans released a discussion draft of the "Digital Commodity Exchange Act." This bill is expected to be merged in the future with related legislation completed by the Senate Banking Committee to form a comprehensive "Cryptocurrency Market Structure Act." As the Senate Agriculture Committee is responsible for overseeing the Commodity Futures Trading Commission (CFTC), this draft mainly focuses on the digital commodity market, with the core content granting the CFTC exclusive regulatory authority over the spot cryptocurrency market (including cryptocurrency exchanges, traders, and brokers).
The committee plans to hold a bill amendment hearing on January 27th (Tuesday), when bipartisan members may propose amendments. Although in the discussion of cryptocurrency market structure, the commodity attribute part (including CFTC's regulatory authority over the spot market) is generally considered less controversial than the securities attribute part, this discussion draft still carries a noticeable partisan color. It has not yet received the endorsement of the main Democratic negotiating representatives, although it has included many terms previously negotiated with the Democrats.
This legislative text from the Senate Agriculture Committee overall meets market expectations, with its core being the establishment of a digital commodity spot market regulatory framework centered around the Commodity Futures Trading Commission (CFTC). Compared to the related topics being discussed by the Senate Banking Committee, this version has a narrower scope, lower political sensitivity, and less controversy.
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