US Senate Banking Committee expected to mark up crypto bill next week

Pro-crypto U.S. Senator Cynthia Lummis said she expects the Senate Banking Committee to hold a markup session for a crypto market structure bill next week, before the Christmas recess. A markup is a process where committee members discuss and amend legislation before it is sent to the full chamber for a vote. The bill, known as the Responsible Financial Innovation Act, aims to establish a regulatory framework for the crypto industry. Its key provisions include delineating the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and exempting certain cryptocurrencies that meet specific conditions from the registration requirements of the Securities Act of 1933.