A US Senate Agriculture Committee vote pushed a cryptocurrency bill draft to the Senate floor by 12-11, but the measure moved ahead without bipartisan support. The meeting had originally been scheduled for Tuesday and was delayed because of weather. The draft would give the Commodity Futures Trading Commission new authority and set out a broader regulatory structure that treats most cryptocurrencies as commodities, while also allowing assets classified as securities to convert under the framework.
One committee moved first, while the SEC section remains pending
The part tied to the Securities and Exchange Commission will come later through the Senate Banking Committee and is still set to be merged into the broader legislation. For now, only one committee has finished its portion of the process. The political split remains central. Agriculture Committee Chair John Boozman and Senator Cory Booker had negotiated the bill for months, yet Democrats and Republicans remained stuck over major policy differences.
Democrats want cryptocurrency-specific political ethics provisions included in the bill, and the report said Trump does not favor that approach. Republicans, for their part, did not support two amendments from Senator Dick Durbin. Those amendments were aimed at stopping crypto ATM fraud and blocking certain crypto firms from receiving federal packages. A full Senate vote still lies ahead, but without support from both parties, the bill faces a harder path to Trump’s desk. The report said the Cryptocurrency Market Clarity Act may not take effect until 2026.
$914 million in long liquidations hits the market
While the regulatory picture remains unsettled, broader markets were already under pressure. The report said gold and silver posted sharp declines, equities were also lower, and Microsoft opened US trading with a double-digit loss. Crypto sold off as well. In the last 24 hours, long liquidations reached $914 million, with $542 million of that total occurring in just the last four hours.
Large-cap altcoins such as Solana (SOL), Cardano (ADA), and Ethereum (ETH) were down between 8% and 10%. Bitcoin was off 6.4% on the day. The report added that ETF outflows and possible selling from Asian markets could put Bitcoin’s hold on $80,000 at risk. If buyers do not step in during the decline, the price could move lower toward $76,000. On the upside, $84,300 was identified as the level Bitcoin needs to reclaim.