Historic Moment: Senate Committee Passes the Digital Asset Market Structure Act
Today afternoon Eastern Time, the Senate Agriculture Committee officially passed the Markup stage of the Digital Asset Market Structure Act with a vote of 14 to 6.
The Act clarifies the jurisdiction of the CFTC (Commodity Futures Trading Commission) over "digital commodities" such as Bitcoin, Ethereum, and sufficiently decentralized tokens, and establishes a federal framework for stablecoin issuers.
Uniswap (UNI) and Aave (AAVE) continue to maintain strength, with no significant "Sell the News" crash, as the provisions regarding "DeFi frontend exemptions" in the bill text are more favorable than expected.
Ethereum (ETH) benefits from the clarified definition of "digital commodities," outperforming BTC today, with the exchange rate (ETH/BTC) surging by 3%.
