Crypto Market Bill Set to Advance Thursday as Democrats Settle Key Concerns

Michael Adeleke
2 hours ago Updated 1 hour ago
Michael Adeleke

Michael Adeleke

Crypto Journalist
Expertise : Cryptocurrency, Blockchain, DeFi
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
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The crypto market structure bill gains momentum after key Democratic senators drop objections

Highlights

  • The U.S. crypto market structure bill is set to make progress after Democrats agreed not to block its markup.
  • Senator Roger Marshall dropped a proposed amendment tied to credit card swipe fees after weekend negotiations.
  • White House officials reportedly intervened, warning the amendment could derail the bill’s progress.

The crypto market structure bill may at last get some traction with all the positive developments that have occurred over the weekend. The Democratic Senators have agreed not to raise some of the major issues during the upcoming markup session.

Democrats Show Bipartisanship Ahead of Crypto Market Bill Markup

According to a report by Politico, the top Democrat Senators have made their stance clear that they will not try to block the bill during the upcoming markup. The names mentioned include Senator Roger Marshall and Senator Dick Durbin.

Over the weekend, Senator Marshall agreed to withdraw his concerns following negotiations. The aim was to change the policies on swipe fees on credit cards. The Senator had introduced an amendment last week to force the payment systems to compete on fees.

Senator Marshall and Senator Durbin have been working on the credit card bill for quite some time now. They planned to include this in the crypto market bill. However, he has agreed not to call up the provision on the bill scheduled for a markup this Thursday.

However, there are some other amendments still pending. These are antifraud regulations for crypto ATMs, a ban on bailing out crypto issuers, and a few more.

It is also noted that, according to sources, the White House officials intervened in the issue. They stated that the proposed amendment by Marshall would put the whole process of the crypto market bill at risk.

It is also stated that some Republicans were already ready to support the proposed legislation by Marshall regarding the credit card policy. This, however, would have caused the process to be set back again.

Senate Sets Markup Just Before a Gov Shutdown

It is worth noting that the Senate Agriculture Committee is ready to resolve this issue just before the possible government shutdown. This is due to the fact that the deadline is set to expire this Saturday, January 31.

Crypto traders have already taken into consideration the fact that the funding bill to avoid a shutdown will not be finalized on time. This explains why there is a rush and lobbying by Senate members regarding the status of the crypto market bill.

Source: Polymarket

As of press time, Senate Democrats are blocking the funding package that could avoid the gov. shutdown. Senate Minority Leader Chuck Schumer said on Saturday that the Democrats will not provide the necessary votes to pass the package that will fund some government agencies.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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About Author
About Author
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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