The US Senate Agriculture Committee has unveiled a Republican proposal for a market structure bill, aimed at protecting crypto developers as it heads towards a markup next week.

Senator John Boozman mentioned that the committee’s Republican members are struggling to reach a consensus with Democratic lawmakers over key policy disputes concerning the crypto market’s regulatory framework.

At a recent statement, Boozman remarked,

“While differences remain on fundamental policy issues, this bill builds on our bipartisan discussion draft while incorporating input from stakeholders and represents months of work.”

He expressed disappointment over the lack of agreement but appreciated the collaborative efforts that enhanced the legislation, adding,

“It’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better. It’s time we move this bill, and I look forward to the markup next week.”

This bill proposes a structured regulatory approach for the oversight of crypto markets under both the Securities and Exchange Commission and the Commodity Futures Trading Commission. Furthermore, it is designed to facilitate decentralized finance (DeFi) through immunity for developers under CFTC regulations.

As highlighted by James Murphy, a crypto attorney known as “MetaLawMan,” the legislation aims to ensure that DeFi can operate without facing CFTC control. The draft also notably excludes regulations concerning stablecoin yield, as that would be handled by the Banking Committee.

A legal expert from Consensys, Bill Hughes, clarified that this act does not impose rules on self-custody wallets or non-custodial DeFi platforms, focusing instead on intermediaries.

For further details on the proposed bill, please refer to the original document here.