Senate Ag Committee Set to Vote on Crypto Market Structure Bill
Thursday’s markup will see a handful of amendments debated and voted upon by the committee
Welcome to the Wednesday edition of the Crypto In America newsletter!
What you’ll read: What to expect from Thursday’s Senate Ag markup; Litecoin’s founder joins the podcast; and the week’s top stories.
Barring any unforeseen events, it looks like the Senate Agriculture Committee’s crypto market structure vote has a good chance of going off relatively smoothly tomorrow morning.
The snow in D.C. has been cleared (for the most part), and Senators Marshall (R-KS) and Durbin (D-IL) have said they do not plan to offer their credit card swipe fee amendment during the markup. That development resulted in a collective sigh of relief from the bill’s proponents, who say the non-crypto related amendment would have imperiled the bill’s chances of getting through the committee.
Thursday’s markup will see a handful of amendments debated and voted upon by the committee, including a proposal from Sen. Michael Bennet (D-CO) to impose ethics rules on government officials and their families when it comes to holding or engaging with crypto.
Senate Ag Committee Ranking Member Amy Klobuchar (D-MN) has also filed an amendment that would delay the bill from being implemented until the CFTC has at least four confirmed commissioners, including two minority party members who will be selected after consulting with the ranking minority member of the committee. Klobuchar’s second amendment would narrow the definition of “retail participant,” and clarify that the proposed office of the Digital Commodity Retail Advocate is meant to protect retail customers, not represent registered or regulated crypto firms.
Other amendments include a ban on bailouts of crypto issuers, and new anti-fraud provisions for crypto ATMs from Sen. Dick Durbin (D-IL), and restrictions on foreign adversary participation in U.S. crypto markets from Sen. Tommy Tuberville (R-AL) and Sen. Jerry Moran (R-KS).
It’s unclear how many of the amendments will be taken up, though some are expecting the markup to take around two hours. After voting on amendments, committee members will then vote on whether to advance the bill out of committee and send it to the Senate floor. As of this writing, Democrats are still publicly withholding support for the bill, though ongoing behind-the-scenes discussions could result in some members backing it at the time of the vote.
Over in Senate Banking, the wheels are squeaking back into gear now that senators are back from recess, and crypto CEOs have returned from Davos. It’s unclear whether Coinbase’s CEO had any productive discussions on stablecoin yield with the big bank leaders in attendance, but the yield problem remains the top issue for the White House, the Banking Committee, and the industry as we head into February.
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Charlie Lee on Crypto In America
This week on the podcast, we interviewed Charlie Lee, one of crypto’s earliest builders and the creator of Litecoin, which recently turned 14.
Charlie took us back to the early days of Litecoin, from discovering Bitcoin as a Google software engineer and hobbyist coder, to launching one of the first successful cryptocurrencies after Bitcoin. We talked about how Litecoin’s launch — where Lee didn’t reserve a large token allocation for himself — set it apart from other coins; why institutional interest in crypto has grown over the years; and how products like ETFs and digital asset treasury companies are reshaping adoption.
He also shared his thoughts on financial privacy, the role of U.S. regulation, and the metrics that matter most to him today: adoption, utility, and the freedom to transfer value peer-to-peer.
Watch this episode on all platforms here.
Midweek Recap
ICYMI: Here are some of the biggest stories making headlines this week.
Tether launched USAT, a U.S.-focused stablecoin built for institutional use, in partnership with Anchorage Digital and Cantor Fitzgerald.
Tether is now one of the largest holders of gold, with over 140 tons worth around $23 billion, per Bloomberg.
Avalanche became the latest cryptocurrency to get a spot ETF after VanEck launched VAVX on the Nasdaq on Monday.
Coinbase said it has set up an independent advisory board to examine risks presented by quantum computing to crypto and blockchain technology.
Laser Digital, the digital assets arm of Japanese investment bank Nomura, has filed for a U.S. national trust bank charter with the OCC.
Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday.
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