US Senate Agricultural Committee Reschedules Crypto Market Structure Markup for January 29

The United States’ journey toward comprehensive cryptocurrency regulation has reached another notable stage. The US Senate Agriculture Committee has formally rescheduled its long-anticipated markup on cryptocurrency market structure for January 29, advancing discussions that could shape the regulation of digital asset exchanges in the world’s largest economy.

For cryptocurrency exchanges, stablecoin issuers, and decentralised finance platforms, the markup is widely viewed as a critical procedural step toward defining regulatory authority, market oversight, and compliance standards. While rescheduling is not uncommon in congressional processes, the new date signals that the effort remains active rather than abandoned.

• Crypto Market Structure Markup
• Why the Senate Agriculture Committee Plays a Central Role?
• Why the Markup Was Rescheduled and Why It Matters?
• Potential Impact
• Broader Global and Policy Context

Crypto Market Structure Markup

In the context of cryptocurrency, this markup focuses on market structure, which determines who regulates what within the digital asset ecosystem. The core dispute centres on jurisdictional clarity between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

• Since 2021, disagreements over whether digital assets should be classified as securities or commodities have accounted for more than 60% of crypto enforcement actions in the US.
• The US currently relies on enforcement-led regulation rather than a single, comprehensive federal framework for cryptocurrency oversight.
• Spot market surveillance remains an area with regulatory gaps, and market structure legislation seeks to define and address this issue.

Because it establishes the regulatory foundation for the entire industry, this markup is fundamental rather than symbolic.

Why the Senate Agriculture Committee Plays a Central Role?

Although financial regulators are often associated with digital assets, the Senate Agriculture Committee plays a pivotal role because it oversees the Commodity Futures Trading Commission.

Bitcoin and Ethereum futures markets, which together generate trillions of dollars in notional trading volume annually, already fall under the CFTC’s supervision. However, the majority of cryptocurrency trading, estimated at roughly 70% globally, takes place in spot markets that currently lack direct federal oversight.

The committee’s involvement signals a legislative push to extend regulatory clarity to spot markets, where most institutional and retail trading activity occurs, in addition to derivatives markets.

Why the Markup Was Rescheduled and Why It Matters?

Legislative markups may be rescheduled for technical, procedural, or political reasons. In this case, the delay reflects the complexity of achieving bipartisan agreement on cryptocurrency legislation.

Lawmakers are addressing several key structural challenges:

• Differentiating between a “digital commodity” and a “digital security”.
• Establishing registration requirements for cryptocurrency trading platforms.
• Defining disclosure obligations without stifling innovation.

The confirmation of a new date, January 29, despite the postponement, indicates continued legislative engagement rather than regulatory withdrawal.

From a market perspective:

• The US cryptocurrency market includes millions of retail participants and has a total capitalization exceeding $1.7 trillion.
• Since 2023, institutional exposure to cryptocurrency assets through futures, ETFs, and custodial services has grown steadily.
• Regulatory uncertainty remains one of the top three risks cited by institutional investors in the digital asset sector.

Potential Impact

The outcome of the markup could significantly influence how key segments of the US digital asset ecosystem operate.

For centralised exchanges, clearer regulations could establish federal registration requirements, custody standards, and disclosure obligations, reducing the risk of retroactive enforcement actions. This is particularly relevant as US-based exchanges process billions of dollars in daily trading volume.

Decentralised finance platforms, which collectively hold over $10 billion in total value locked, are also closely monitoring the proceedings. Lawmakers are evaluating how decentralised protocols fit within existing regulatory frameworks, especially in cases where governance and operational responsibility are widely distributed.

Another critical area of focus is stablecoins. Stablecoins serve as the primary settlement layer for digital asset markets, facilitating trillions of dollars in annual transaction volume worldwide. Alongside ongoing debates surrounding stablecoin supply and reserves, clearer spot market regulations could enhance trust among financial institutions and payment providers.

Broader Global and Policy Context

The US regulatory process is unfolding against a backdrop of global competition. Other major jurisdictions have already advanced structured frameworks for digital assets.

The European Union’s Markets in Crypto-Assets (MiCA) regulation provides comprehensive coverage for exchanges, issuers, and stablecoins across 27 member states. Meanwhile, several Asian economies continue to experience rapid growth in user adoption and infrastructure development, and the United Kingdom has announced plans to integrate crypto regulation into its existing financial services framework.

Without a comparable structure, the US risks regulatory fragmentation and a potential erosion of its competitiveness in financial innovation. The January 29 markup represents an initial step toward aligning US legislation with the scale and importance of global digital asset markets.

If you identify any issues in this article or notice missing information, please feel free to contact us at team@etherworld.co for clarifications or updates.

Related Articles

1. Polygon Moves Towards Becoming a U.S. Regulated Payments Platform
2. US Senator Introduces Bill to Create Federal Task Force to Combat Cryptocurrency Scams
3. Trump Says US Must Remain the Crypto Capital of the World at the World Economic Forum