US Gov‘t Officials Delay Market Structure Markup, SEC-CFTC Crypto Meeting

The US Senate Agriculture Committee and two federal financial agencies have delayed events related to digital asset regulation amid a winter storm that paralyzed many areas of the country over the weekend.

A spokesperson for the Senate Agriculture Committee Chair John Boozman told Cointelegraph on Monday that the body would push a scheduled markup for its version of a crypto market structure bill from Tuesday to Thursday. The bill, called the Digital Commodity Intermediaries Act, is the committee’s attempt to establish clear rules for the Commodity Futures Trading Commission (CFTC) over digital assets. 

In addition to the delay in Congress, the CFTC said on Monday that a joint event on crypto oversight harmonization with the US Securities and Exchange Commission (SEC) would also be delayed by two days, from Tuesday to Thursday. CFTC Chair Michael Selig and SEC Chair Paul Atkins are scheduled to discuss “harmonization between the two agencies” on digital assets.

Although neither notice explicitly mentioned the reason for the delays, they were likely due to a winter storm that hit many areas of the US over the weekend, causing power outages, icy conditions and cancelled flights. Reports from the ground in Washington, DC, described “treacherous road conditions” and a majority of schools closed.

Related: Crypto bill could be delayed as Senate focuses on affordability: Report

The markup event in the Agriculture Committee will be the Senate’s second attempt to address crypto market structure after Republican leadership in the Senate Banking Committee cancelled its markup of a similar bill two weeks ago. Chair Tim Scott announced that the event would be cancelled indefinitely following a social media post from Coinbase CEO Brian Armstrong, saying that the exchange could not support the bill as written.

Senate Democrats seek ethics amendments in market structure

Among the 11 amendments lawmakers in the Agriculture Committee are expected to consider at markup include proposed amendments to address potential conflicts of interest with US officials profiting from the crypto industry and foreign interference.

Senator Michael Bennet introduced an amendment that would incorporate provisions from the Digital Asset Ethics Act into the market structure bill, specifically to bar individuals running for Congress or the White House from engaging with digital assets.