Overview
- The committee approved the bill 12–11 with Republicans in favor and Democrats opposed, marking the first crypto market‑structure proposal to clear a Senate committee.
- The legislation would expand the Commodity Futures Trading Commission’s authority over digital commodities and establish a regulatory framework for intermediaries.
- Democratic amendments on ethics, bailout limits and market oversight failed on party‑line votes, leaving the bill unchanged in committee.
- The package still needs action from the Senate Banking Committee, with disputes over stablecoin yields, DeFi treatment and banks’ roles likely to shape its trajectory.
- Democrats pressed conflict‑of‑interest and national‑security concerns, as industry influence drew scrutiny with crypto‑aligned super PACs reporting $193 million in cash.