WASHINGTON--The Senate Agriculture Committee on Thursday advanced a sweeping cryptocurrency market structure bill on a 12–11 party-line vote, sending the legislation to the full Senate without bipartisan support — and without the Credit Card Competition Act (CCCA) included in the markup.
The measure would establish new regulatory rules for digital tokens and grant the Commodity Futures Trading Commission (CFTC) expanded authority over spot trading of digital commodities. However, the legislation must eventually be merged with a separate proposal under the Senate Banking Committee that addresses the Securities and Exchange Commission’s (SEC) role in crypto oversight, POLITICO said.
The vote followed months of failed bipartisan negotiations between Agriculture Committee Chair John Boozman (R-AK) and Sen. Cory Booker (D-NJ). Boozman said the two sides could not resolve “fundamental policy disagreements” and argued it was time to move forward, calling the CFTC the appropriate regulator and emphasizing the bill’s focus on defining digital commodities, protecting innovation, strengthening consumer safeguards, and funding enforcement, POLITICO reported.
Booker criticized Republicans for abandoning the bipartisan framework that produced a joint discussion draft last year, saying there remains a viable path to compromise. While Boozman reiterated his desire to secure bipartisan support as the bill advances, the committee’s vote underscored widening divisions over crypto regulation, ethics, and oversight, POLITICO said.
Democrats also failed to attach several amendments, including a proposal from Sen. Michael Bennet (D-CO) to ban federal officials and their families from issuing or promoting digital assets — a provision tied to concerns about ethics and the Trump family’s crypto ventures. Republicans further rejected amendments from Sen. Dick Durbin (D-IL) aimed at cracking down on crypto ATM fraud and preventing certain crypto firms from receiving federal bailouts, setting the stage for continued debate as the bill heads to the Senate floor, POLITICO noted.
“The Senate Agriculture Committee’s decision to advance its portion of the CLARITY Act without the Durbin–Marshall credit card provisions is a positive and responsible step forward. It reflects a recognition that market structure legislation for digital assets should remain focused on its core purpose and not be used as a vehicle for unrelated, highly controversial payments policy.
DCUC Responds
The Defense Credit Union Council told CUToday.info it has been clear and consistent in its efforts to address the CCCA.
"The Durbin–Marshall proposal has no place in digital asset legislation, nor should it be advanced through procedural backdoors that bypass the committees of jurisdiction and meaningful stakeholder review," stated DCUC Chief Advocacy Officer Jason Stverak. "The Agriculture Committee moving forward without that language helps preserve the integrity of the legislative process and avoids injecting unnecessary risk into an otherwise important policy debate. That said, our work is far from over. DCUC will rigorously oppose any attempt to amend the CLARITY Act on the Senate floor with the Durbin–Marshall credit card mandate or similar provisions. Such efforts would undermine competition, harm credit unions’ ability to serve military families and veterans, and distract from the serious task of establishing a clear, workable framework for digital assets.
"We will continue to engage Senate leadership and members on both sides of the aisle to ensure this legislation remains narrowly tailored, moves through regular order, and does not become a Trojan horse for policies that have been repeatedly rejected on their own merits,” Stverak said.
ACU Comments
Advancing cryptocurrency market structure legislation without attaching the Durbin–Marshall credit card mandates is a constructive step that keeps the bill focused on its intended purpose, stated America's Credit Unions President and CEO Scott Simpson.
"And it’s a clear example of how the advocacy efforts of America’s Credit Unions, our league partners, and the entire credit union system elevate the credit union voice when it’s needed most," Simpson said. "Payments policy has no place being jammed into digital asset legislation, especially through amendments that sidestep committee jurisdiction and thorough review. America’s Credit Unions will continue to oppose any effort to advance Credit Card Competition Act provisions and urge lawmakers to address complex payments issues through regular order, not legislative shortcuts.”