Senate committee advances a market-structure bill after a marathon markup
The amended text splits oversight between two agencies and leaves the custody question to rulemaking.
A Senate committee voted to advance digital-asset market-structure legislation after a markup that ran past midnight and produced more than thirty amendments, most of them technical.
The reported text divides oversight along the familiar line between commodity spot markets and securities offerings, but delegates the harder question — how custody and customer-asset segregation should work in practice — to subsequent rulemaking.
Two amendments adopted late in the session narrow the bill's safe harbour for developers of non-custodial software, limiting it to parties that never exercise unilateral control over user assets.
Industry groups called the reported bill workable while warning that the rulemaking delegation reintroduces the uncertainty the legislation was meant to resolve. Consumer advocates said the safe harbour remains too broad.
Floor time has not been scheduled, and companion legislation in the House differs materially on the custody provisions — the most likely point of failure in any conference.
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