The U.S. Senate Agriculture Committee passed the Crypto Market Structure Act, but it lacked Democratic support

Techub News reported that according to CoinDesk, the U.S. Senate Agriculture Committee officially advanced the legislative process of the Cryptocurrency Market Structure Act with a partisan vote of 12-11. This is the first time the bill has made progress at the Senate committee level, marking a new phase for it. However, with voting conducted entirely along party lines and a lack of Democratic support, the bill still faces significant obstacles to its unanimous passage in the Senate in the future. Committee Chairman John Boozman, a Republican, said that after months of negotiations, significant progress has been made, and now is the time to move the process forward. But Corey Booker, a core Democratic negotiator, criticized the Republican Party for withdrawing from the negotiations and accused President Trump and his family of trying to push for a regulatory framework that lacks ethical constraints while profiting from the crypto industry. Democrats on the committee unanimously opposed the current version, but expressed their willingness to continue negotiations to reach a bipartisan consensus. The bill also needs to pass the Senate Banking Committee, and its version has been slow to progress due to more controversial provisions such as stablecoin yields. The White House plans to convene again next week to coordinate positions between the crypto industry, banking, bipartisan and government. If the bill finally passes the Senate, it will be integrated with the version that has been passed by the House of Representatives by a high vote and then submitted to the president for signature into law.