Senator Kirsten Gillibrand Optimistic Senate Agriculture Committee Will Advance Crypto Legislation Despite Ongoing Differences
January 23, 2026 – Senator Kirsten Gillibrand (D-N.Y.) expressed optimism about the progress of cryptocurrency market regulation legislation currently before the Senate Agriculture Committee, despite the absence of a final bipartisan deal. In an exclusive interview with CNBC, Gillibrand emphasized that while challenges remain, she believes the committee is moving toward advancing the bill, which is scheduled for markup on January 27. ### Dual Legislative Tracks Addressing Crypto Regulation
Senator Gillibrand highlighted the unique complexity of cryptocurrencies, which possess traits of both commodities and securities. This dual nature has necessitated legislative efforts spanning two key Senate committees: the Agriculture Committee, which oversees the Commodity Futures Trading Commission (CFTC), and the Banking Committee, responsible for the Securities and Exchange Commission (SEC) and banking issues.
“These types of digital assets have some characteristics of both commodities and securities, so you need regulation under both those committees,” Gillibrand explained.
While she is not a member of the Agriculture Committee, Gillibrand has played an active role in the ongoing bipartisan negotiations on crypto market structure. According to her, the two committees are addressing complementary aspects of digital asset regulation in parallel.
Senate Agriculture Committee Advances Updated Legislative Text
On Wednesday evening, the Senate Agriculture Committee released updated legislative text building on a prior bipartisan discussion draft. This bill seeks to grant the CFTC expanded authority over the regulation of digital commodities. Senate Agriculture Committee Chair John Boozman (R-Ark.) acknowledged that although disagreements remain on fundamental policy issues, the updated bill incorporates months of bipartisan collaboration and stakeholder input.
“It’s time we move this bill,” Boozman stated, while expressing appreciation for the efforts that made the legislation stronger.
Despite the remaining policy differences, Gillibrand expressed confidence that the committee markup scheduled for next Tuesday will proceed as planned. She noted the bill is still under review and hoped senators would continue bipartisan efforts to amend the draft, improve its provisions, and restore several earlier bipartisan compromises.
Senate Banking Committee’s Bill on Ice Following Industry Pushback
By contrast, the Senate Banking Committee faced setbacks when it postponed a planned markup on January 15 for its own draft legislation to regulate digital assets. The delay came after significant opposition from the crypto industry, notably Coinbase, which voiced concerns over provisions in the bill.
Coinbase CEO Brian Armstrong told CNBC that his company’s legal team discovered “pretty serious issues” in the Banking Committee’s draft and that the bill lacked a clear plan for addressing these problems. Armstrong criticized aspects of the legislation, including proposed amendments that would prohibit stablecoin issuers from offering rewards—potentially handing an advantage to traditional banks by limiting crypto firms’ competitive capabilities.
In a post on social media platform X, Armstrong warned that the bill, if passed as drafted, “would be materially worse than the current status quo.”
Senate Banking Committee Chair Tim Scott (R-S.C.) affirmed that bipartisan negotiations are ongoing, with stakeholders from the crypto industry and financial sector remaining engaged in discussions. However, no new date has been announced for resuming markup proceedings.
Efforts to Balance Innovation and Consumer Protection
Senator Gillibrand, who was a lead Democratic sponsor of the GENIUS Act—legislation enacted last year to establish a stablecoin regulatory framework—remained hopeful that lawmakers could find bipartisan language addressing concerns raised by banks about deposit flight risks. The GENIUS Act prohibits stablecoin issuers from directly paying interest, a provision banks argue is necessary to protect the insured banking system.
“We want to make sure no consumer is confused about what a stablecoin is versus a dollar sitting in a bank account since stablecoins aren’t FDIC insured,” Gillibrand explained. She stressed that the bill requires stablecoins to be fully backed by U.S. dollars or equivalent assets and underlined the importance of balancing innovation with adequate protections.
Key Lawmakers and the Path Ahead
Since 2022, Senator Gillibrand and Senator Cynthia Lummis (R-Wyo.) have collaborated on bipartisan crypto regulatory frameworks, including the Lummis-Gillibrand Responsible Financial Innovation Act. Lummis, chair of the Senate Banking Committee’s crypto subcommittee, announced in December that she will retire at the end of her current term, a departure Gillibrand described as a significant loss personally and for the Senate.
Looking forward, Gillibrand affirmed that both committees remain committed to advancing comprehensive crypto market structure legislation and that there is a unified determination to finalize a robust framework soon.
“People want to get this done now,” Gillibrand concluded.
For further developments on crypto regulation and related legislative efforts, stay tuned to CNBC.