Bitcoin hovers below $88,000, with prospects of deeper dips as gold and silver reach new highs amid growing concerns about the future of the dollar. As cryptocurrencies lag, interest pivots towards commodities. Despite ongoing efforts to craft a cryptocurrency law, winter storms forced the postponement of relevant hearings.
Crypto Law in Deliberation
The Senate Agriculture Committee planned to review a bill providing clarity to the cryptocurrency market this Tuesday. However, a winter storm affecting much of America delayed the hearing on cryptocurrency market structure until Thursday. This storm also postponed a joint crypto-themed meeting between the SEC and CFTC to the same day.
Previously discussed were the legislative process and its stages. The Senate Agriculture Committee remains in the markup phase, continuing its talks and exchanges on the bill’s provisions. On Thursday, the Committee aims to deliberate on laws clarifying how the Commodity Futures Trading Commission could oversee crypto markets.
Will the Law Be Ready?
Last year, extending the schedule suggested risks of the law not being ready before the midterm election recess. Trump stated at Davos his desire to sign the cryptocurrency bill swiftly. Prolonged discussions are beneficial for progress, but several stakeholders, including Coinbase, have objections. Furthermore, expectedly, there are disagreements among legislators.
The Agriculture Committee had intended to accelerate the process by drafting a bipartisan bill. However, Committee Chair John Boozman revealed last week that differences in core policies with Democratic Senator Cory Booker have prevented an agreement on the text.
On Friday, Democrats unveiled numerous revision proposals for the bipartisan draft, including obligatory ethical commitments for senior government officials. This largely stems from Trump’s alleged massive gains from crypto due to his position. Throughout last year, Democrats opposed this and now demand it for passing the bill. Trump’s approval seems unlikely, and insistence on this matter might delay the law till after the midterm elections.
