Both the Senate Banking and Senate Agriculture panels will hold markups on Jan. 15, even as Republicans and crypto-friendly Democrats seemingly have yet to reach an agreement on bill text after six months of negotiations.
Ahead of the markups next week, The Digital Chamber, a digital asset and blockchain trade association, flew in more than 50 industry participants to meet with senators Thursday.
"The goal is to hit as many Senate offices as possible to continue to show that there is industry support to move this bill forward, that we need to get to this markup and to be a resource for every single Senate office," The Digital Chamber CEO Cody Carbone told The Hill.
"We're eagerly pushing for this markup to go off with a bipartisan vote at the end, and for both committees to have their markups … but really just excited that we're finally at this point in the process where we're seeing real legislative progress," he added.
Among the participants in Thursday's fly-in were exchanges like Crypto.com and Binance.US, token issuer Cardano, crypto ATMs including CoinFlip and Bitcoin Depot and financial services company eToro.
Republican senators have long been pushing to hold markups on the market structure legislation, which seeks to clearly delineate what portions of the industry fall under the regulatory purview of the Securities and Exchange Commission (SEC) versus the Commodity Futures Trading Commission (CFTC).
After these efforts fell short before the holidays, Senate Banking Chair Tim Scott (R-S.C.) now appears to be drawing a line in the sand with the Jan. 15 markup.
"I think it's important for us to get on the record and vote," he told Breitbart News on Tuesday. "So, next Thursday, we'll have a vote on market structure. We have worked tirelessly for the last six plus months making sure that we had multiple drafts available to every member of the committee."
Senate Agriculture Chair John Boozman (R-Ark.) told The Hill on Wednesday that his panel will hold its markup the same day. Both committees are involved in crafting the bill given that they separately oversee the two relevant financial regulators.
Check out the full report at TheHill.com.
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