U.S. Senate Agriculture Committee Narrowly Passes Cryptocurrency Market Structure Bill

On the 29th, the U.S. Senate Agriculture Committee approved the Cryptocurrency Market Structure Bill (Clarity Act) by a narrow margin of 12 to 11. The close vote was influenced by discussions surrounding President Donald Trump and his family's involvement in the cryptocurrency business. Last week, the committee introduced the bill text, which proposes to expand the Commodity Futures Trading Commission's (CFTC) regulatory authority and includes measures favorable to decentralized finance (DeFi), such as protecting non-custodial software developers and infrastructure providers. DeFi refers to financial services conducted without a central administrator, utilizing blockchain technology, or the systems that facilitate such services.