Senate Ag Committee Releases Updated Crypto Market Structure Legislative Text

Updated legislative text incorporates much of Senate Ag's earlier discussion draft and focuses more narrowly on digital commodity intermediaries.

On January 21, 2026, Chairman John Boozman of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry ("Senate Ag") released updated legislative text on crypto market structure entitled the "Digital Commodity Intermediaries Act." In November 2025, Senate Ag previously issued a bipartisan discussion draft building upon the Digital Asset Market Clarity Act of 2025 ("CLARITY Act") passed by the House of Representatives last July. The updated Senate Ag legislative text, while not bipartisan like the discussion draft, takes on much of Senate Ag's earlier discussion draft and focuses more squarely on digital asset intermediaries, but still leaves open the treatment of DeFi protocols. This note discusses the main differences between the updated legislative text and Senate Ag's discussion draft that we previously summari