The U.S. Senate Agriculture Committee released its version of the cryptocurrency market structure bill, but disagreements remain in the legislative process.

On Thursday, Senator John Boozman, chairman of the Senate Agriculture Committee, officially released the committee's draft legislation on crypto market structure. While the bill made some progress on decentralized finance (DeFi) issues, Boozman pointed out that disagreements remain on "fundamental policy issues," and it is still far from formal legislation. Sources indicate that Democratic opposition to the bill stems primarily from political differences, including concerns about potential conflicts of interest related to Trump and his family's involvement in crypto projects, and inadequate consumer protection. According to legislative procedure, the bill requires bipartisan support to pass the Senate, needing at least 60 votes. This means that in addition to the support of all Republican senators, at least seven Democratic senators need to be secured. Both the Senate Agriculture Committee and the Senate Banking Committee must conduct markups and votes on their respective versions, with the Agriculture Committee's markup expected next week. However, progress on the Senate Banking Committee has stalled. Previously, due to Coinbase withdrawing its support, the markup was postponed, with key issues including tokenized stocks, the delineation of DeFi regulatory responsibilities, the boundaries of the SEC and CFTC's duties, and stablecoin incentive mechanisms. Bloomberg reports that the Banking Commission may delay the legislative process for several weeks, instead prioritizing housing and affordability issues.