There’s NO DEAL yet — and the clock is ticking.
Senator John Boozman, Chair of the U.S. Senate Agriculture Committee, just confirmed that Republicans and Democrats remain divided on key fundamental policy issues in the crypto market structure bill.
This comes as Republicans released their own draft of the legislation on Wednesday — without Democratic support — ahead of a high-stakes markup scheduled for January 27. ⏰
🧨 WHY THIS IS A BIG PROBLEM
No bipartisan backing ❌
Democrats are not on board
Risk of delay, dilution, or outright derailment
Boozman admitted the reality bluntly:
“Although it’s unfortunate that we couldn’t reach an agreement… it’s time we move this bill.”
Translation? 👉 Republicans are pushing forward anyway.
⚖️ WHAT THE BILL DOES The proposal lays out how crypto markets would be split between regulators:
📌 SEC → securities
📌 CFTC → digital commodities
But that division is exactly where the fight is exploding.
🛡️ KEY BOMBSHELL: DeFi & DEV PROTECTIONS According to top crypto lawyers:
✅ DeFi protocols get a path to avoid CFTC regulation
✅ Self-custody wallets NOT regulated
✅ Non-custodial DeFi interfaces NOT regulated
❌ Platforms that control custody or execution ARE regulated
In short: 👉 Intermediaries are targeted — not protocols, not users.
The bill also avoids regulating stablecoin yield, kicking that fight to the Senate Banking Committee — which is now rumored to be delayed until February or March 😬
🌪️ WHY MARKETS SHOULD CARE This is shaping up to be a regulatory cliffhanger:
If bipartisan support fails → legal uncertainty drags on
If Republicans force it through → political backlash intensifies
If delayed → institutions stay sidelined
Crypto clarity was promised.
Instead, Washington delivered gridlock.
👀 All eyes now on January 27.
One markup. No agreement. Massive consequences.
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