Some of the U.S. Senate Democrats participating in negotiations on the Crypto Market Structure bill filed requests for amendments Friday, seeking a number of their key policy demands in the bill introduced by Republicans in the Senate Agriculture Committee.
The plan they are trying to change was unveiled Wednesday as part of a partisan effort without Democratic approval. Lawmakers are now trying to insert things like a ban on the president (and other government officials) profiting from the crypto sector and a requirement that the Commodity Futures Trading Commission complete its roster of commissioners before digital asset rules can take effect.
The Agriculture Committee is expected to hold a hearing next week that could potentially advance the bill in the Senate, although many keen observers expect the session to be delayed due to the epic snowstorm expected to hit the Washington area this weekend.
However, the Democrats’ amendments are now recorded. Senator Richard Durbin, for example, seeks to prohibit the bailout of issuers of digital assets. And it was Democratic Senator Amy Klobuchar, who demanded a quorum of CFTC commissioners in a more restrictive manner than in the existing bill, and Senator Michael Bennet who proposed an anti-corruption effort aimed at limiting top officials’ involvement in crypto.
Republican members also proposed changes. like Senator Tommy Tuberville’s ban on crypto platforms affiliated with foreign adversaries of the United States
The committee is expected to annotate the bill, meaning amendments will be considered before a possible vote to advance the legislation. But the Senate Banking Committee must also advance its own version of the bill — a process that sparked a heated debate that derailed an earlier attempt at a markup.
Only after both committees approve the Digital Asset Market Clarity Act can it be put to a vote by the full Senate.
Read more: Here’s why Coinbase and other companies have fared against the major crypto bill
