Senate Agriculture Committee Releases Crypto Market-Structure Draft; Markup Set for Jan. 27

The Senate Agriculture Committee unveiled a draft of a crypto market-structure bill and set a markup session for Tuesday, Jan. 27, following an earlier unsuccessful markup of the CLARITY Act in the Senate Banking Committee ^[1].

The Agriculture Committee’s version concentrates on rules under the Commodity Futures Trading Commission (CFTC) for digital-commodity intermediaries and notably excludes provisions addressing stablecoin yield regulations, according to the circulated draft ^[1].

Separately, the Securities and Exchange Commission (SEC) and the CFTC are coordinating a joint harmonization event as both agencies — now led by Trump-appointed officials — seek to align oversight approaches; the arrival of permanent CFTC chief Mike Selig and comments from SEC leadership have been cited as catalyzing the unified effort ^[2][3][4].

The Agriculture Committee markup on Jan. 27 will advance the CFTC-focused draft while the SEC and CFTC pursue a coordinated regulatory agenda, leaving the balance of which agency oversees particular crypto activities to ongoing legislative and inter-agency efforts ^[1][2][3].