Two U.S. Senate committees have scheduled simultaneous markup sessions for January 15 on legislation to regulate cryptocurrency markets, aiming to clarify oversight between the SEC and CFTC. Bipartisan negotiations are showing early progress on key issues like decentralized finance, though concerns persist over stablecoin yields and investor protections. The push comes amid efforts to advance a unified bill toward a potential floor vote.
The Senate Banking Committee, chaired by Tim Scott (R-S.C.), and the Senate Agriculture Committee, led by John Boozman (R-Ark.), are set to hold synchronized markup hearings on January 15, 2026, for draft legislation on crypto market structure. These sessions focus on reconciling regulatory roles between the Securities and Exchange Commission (SEC), which oversees securities, and the Commodity Futures Trading Commission (CFTC), which handles commodities. The bill addresses blurred lines caused by the growth of tokenized markets, decentralized finance (DeFi), and stablecoins.
Unresolved issues include DeFi liability, jurisdictional splits, and whether stablecoin issuers can offer yield-like rewards. The GENIUS Act, passed in 2025, established baseline stablecoin rules but prohibits interest payments, prompting concerns from the American Bankers Association (ABA). In a January 6 letter, the ABA warned that stablecoin issuers might circumvent the ban through partnerships, potentially drawing deposits from regulated banks.
Bipartisan talks intensified this week, with sources reporting 'glimmers of progress' on DeFi compromises following a Thursday meeting. Crypto leaders from Andreessen Horowitz and the DeFi Education Fund urged the Securities Industry and Financial Markets Association (SIFMA) to moderate opposition to DeFi carveouts. Over 50 members of the Digital Chamber met with senators and White House officials to advocate for DeFi-friendly language.
Scott is pressing forward aggressively, as Sen. John Kennedy (R-La.) noted: 'My understanding is that the chairman is going to have a vote, come hell or high water, on Thursday for the next week.' However, Boozman is considering a delay depending on negotiation progress with Democrats. Sen. Elizabeth Warren (D-Mass.), the Banking Committee's ranking member, has raised objections over insufficient consumer protections and demanded limits on crypto dealings by the Trump family.
If both committees advance compatible versions, the bill could reach the Senate floor soon, potentially heading to the president's desk after reconciliation with the House's Clarity Act. Failure to resolve disputes risks stalling the legislation, with the crypto community warning it might walk away if DeFi needs remain unmet. For finance teams, clear rules could boost institutional adoption by providing regulatory predictability.
