Catenaa, Thursday, January 15, 2026-Two Senate committees are set to hold markup hearings today to advance legislation regulating digital assets, a step that could bring Congress closer to passing a comprehensive crypto market structure bill.
The Senate Agriculture Committee, overseeing the Commodity Futures Trading Commission, will hold its markup alongside the Senate Banking Committee, chaired by Tim Scott, R-S.C., which is planning a parallel hearing.
Both committees aim to reconcile draft bills that define the regulatory jurisdiction over cryptocurrencies between the CFTC and the Securities and Exchange Commission.
The Senate Banking draft introduces a new term, “ancillary assets,” to clarify which cryptocurrencies would not be classified as securities.
The Agriculture Committee’s version seeks to expand CFTC authority but remains heavily bracketed, indicating unresolved issues.
Once both committees pass their versions, the legislation would be reconciled before a full Senate vote and then coordinated with the House-passed Digital Asset Market Clarity Act, also known as Clarity.
Key debates expected during the markups include potential conflicts of interest linked to former President Donald Trump’s crypto holdings and the treatment of yield-bearing stablecoins.
The American Bankers Association warned that gaps in the GENIUS stablecoin framework could affect local banks’ lending capacity if crypto firms offer rewards on stablecoins.
Industry figures, including Coinbase Chief Policy Officer Faryar Shirzad, pushed back on Wednesday, arguing that restricting stablecoin rewards would protect banks’ revenue at the expense of consumers.
Shirzad highlighted that allowing rewards promotes lower costs, greater choice, and a more competitive payments system.
A successful markup could mark a decisive step toward codifying federal rules for crypto markets, setting the stage for potential enactment by President Donald Trump once both chambers agree on final legislation.
