Senate Democrats moved to reshape a major crypto bill by introducing a series of new amendments ahead of a key committee session. The changes focused on ethics standards, regulatory preparedness, and competition in payment networks.
The amendments were filed ahead of a long-awaited markup by the Agriculture Committee, marking a renewed effort to break months of stalemate over how crypto should be governed in the U.S.
At stake is a market structure bill aimed at clarifying which federal agencies oversee various segments of the crypto industry. Supporters argue that the measure is necessary to alleviate uncertainty for investors and firms operating in a rapidly expanding sector.
One amendment, introduced by Sen. Michael Bennet, would incorporate elements of the Digital Asset Ethics Act into the broader bill. The measure would bar certain public officials from personally benefiting from crypto investments. The move reflects heightened concern among Democrats about potential conflicts of interest involving policymakers tasked with overseeing the industry.
Those concerns have grown louder in recent months, with the debate intensifying following reports tied to President Donald Trump’s association with WLF, which critics said significantly boosted his personal wealth based on public filings. Democrats backing the ethics proposal say the rules would help protect the credibility of any new regulatory framework.
Another amendment introduced by Senators Peter Welch, Roger Marshall, and Dick Durbin revived provisions from earlier legislation aimed at increasing competition in the credit card industry. The proposal would limit the ability of major card networks and some issuers to require exclusive network arrangements. Similar language has faced strong opposition from payment companies in the past.
The addition highlighted a willingness among lawmakers to attach broader financial reforms to crypto-related bills, a strategy that some analysts said could complicate efforts to secure bipartisan backing.
Sen. Amy Klobuchar filed a separate proposal aimed at delaying implementation until regulators are better equipped. Her proposal would pause the bill’s rollout until the Commodity Futures Trading Commission reaches full membership. The agency currently has just one confirmed commissioner following the swearing-in of Chair Michael Selig in late December, with no clear timeline for filling the remaining vacancies.
The push for amendments follows earlier delays driven by disputes over decentralized finance and limits on rewards tied to stablecoins. Those disagreements prompted Coinbase to withdraw its support, citing unresolved concerns about compliance costs and user incentives.
Tuesday’s markup was intended to restart negotiations, though uncertainty remained. Forecasts of severe winter weather raised the possibility of travel disruptions, and aides acknowledged another delay was possible.
Any postponement would prolong uncertainty for companies and investors watching the bill as a signal of future regulatory direction. If the committee advances the legislation, it would head to the full Senate where further changes are expected. For now, the upcoming session stands as another test of Washington’s ability to craft durable rules for the digital asset economy, and crypto firms like BitFuFu Inc. (NASDAQ: FUFU) will be watching.
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