Bitcoin Slides as Global Markets Selloff

Senate Agriculture Committee Advances Crypto Market Structure Bill

• The Senate Agriculture Committee approved a crypto market structure bill with a 12-11 party-line vote.
• The bill assigns regulatory authority over digital commodities to the CFTC, while the SEC’s role is under the Senate Banking Committee.
• Several Democratic amendments were rejected, including those concerning ethics for federal officials and crypto ATM fraud.
• Senator Cynthia Lummis emphasized bipartisan efforts to position the US as a global hub for digital assets.
• The bill requires further approval from the Senate Banking Committee before a full Senate vote.

The advancement of this legislation marks significant progress in regulating digital commodities, though it still faces challenges in gaining broader Democratic support.