The U.S. Senate cleared a symbolic milestone for crypto regulation on Thursday, as the Senate Agriculture Committee advanced a long-awaited crypto market structure bill — marking the furthest the industry’s top legislative push has gone in that chamber. But the path forward remains politically fraught. What happened - The committee moved the bill forward on a sharp party-line vote, 12-11, after Republican Chairman John Boozman stepped away from broader negotiations and pushed the measure ahead without bipartisan agreement. - Boozman framed the action as progress. “After months of work, we have made significant progress, really significant progress working together,” he said. “Now it’s time to move this process forward.” Why Democrats opposed - Democrats in the markup session banded together in opposition, arguing the text still needs work and that key concerns — most notably ethics protections — are unresolved. - “The progress that has been made here is good, but I think we believe that we’re not quite done yet,” said Senator Amy Klobuchar, the panel’s ranking Democrat. She urged continued negotiations as the bill advances. - Senator Cory Booker, the lead Democratic negotiator, blasted the White House for complicating talks and raised ethics concerns tied to President Donald Trump and his family’s involvement in crypto business. “This is ridiculous… they are still trying to create a framework here without the kind of ethics that would prevent this kind of gross corruption,” Booker said. Committee dynamics and next steps - The Agriculture Committee’s action is only one hurdle. The bill must also clear the Senate Banking Committee — viewed as the tougher stop. Banking’s version, tied to the Digital Asset Market Clarity Act, includes controversial provisions such as rules around how stablecoins generate yield. That markup has been delayed as negotiators hunt for compromise among varied interests, including Wall Street banking lobbyists. - The White House plans another meeting next week to try to bridge differences among crypto firms, banks, Republicans, Democrats and the administration. The White House has pushed back on some Democratic demands, including restrictions aimed at preventing senior officials from personally benefiting from crypto. - At the hearing, the committee addressed Democrats’ ethics amendment as its first order of business. Boozman also signaled support for a fully staffed, bipartisan Commodity Futures Trading Commission to take a leading role in crypto oversight: “It's essential to have a completely staffed, bipartisan commission,” he said. - Boozman concluded that the committee will now work with the Banking Committee and the House to hammer out a version that can attract bipartisan support, noting that some amendments are better suited for the Banking Committee’s bill. Why this matters now - The crypto industry already scored a major win this Congress with legislation governing stablecoin issuers becoming law. The market-structure bill, if completed, would be a far larger regulatory framework with potentially wider implications for exchanges, custody, and investor protections. - Timing is tight. Lawmakers face competing priorities in the Senate — including fights over federal funding — and the November midterm elections are drawing nearer, compressing the legislative window for a final deal. Bottom line: The Agriculture Committee’s vote represents significant forward momentum for crypto legislation, but partisan divisions and unresolved issues — especially in the Banking Committee and around ethics and stablecoin yield — mean a bipartisan finish is far from guaranteed. Read more AI-generated news on: undefined/news