Galaxy Research Director: Key Hearings on Crypto Market Structure Legislation to be Held Next Week; Bipartisan Lawmakers May Propose Amendments

According to ChainCatcher, Galaxy Research Director Alex Thorn posted on the X platform that a key hearing in the cryptocurrency market structure legislation process will take place next week. Republicans on the Senate Agriculture Committee released a draft of the Digital Goods Intermediaries Act. This bill is expected to be merged with related legislation completed by the Senate Banking Committee to form a complete "Cryptocurrency Market Structure Act."

Since the Senate Agriculture Committee oversees the Commodity Futures Trading Commission (CFTC), this draft bill primarily focuses on the digital commodities market, with its core provision granting the CFTC exclusive regulatory authority over the spot crypto market (including crypto trading platforms, dealers, and brokers). The committee plans to hold a hearing on amendments on Tuesday, January 27th, at which time members of both parties may propose amendments. Although the commodity attributes (including the CFTC's regulatory authority over the spot market) are generally considered less controversial than the security attributes in discussions about crypto market structure, this draft still carries a clear partisan bias. It has not yet received the endorsement of the Democratic chief negotiator, although it incorporates many terms previously negotiated with Democrats. Overall, the Senate Agriculture Committee's legislative text largely aligns with market expectations, its core being the establishment of a regulatory framework for the digital commodities spot market centered on the CFTC. Compared to the issues being discussed by the Senate Banking Committee, this version has a narrower scope and is relatively less politically sensitive and controversial.