Klobuchar Pushes Back on Crypto Bill, Demands Major Revisions

Senator Amy Klobuchar signaled strong opposition to the current U.S. crypto market structure proposals during a Senate Agriculture Committee hearing, asserting that “serious changes” are needed before she can support the effort. Her stance could complicate the path forward for the Digital Asset Markets Clarity Act, which the House is attempting to advance despite procedural setbacks.

As the Senate begins its own work on digital asset regulation, Klobuchar stressed that the legislation must ensure clear funding for regulatory agencies, close major legal loopholes, and include robust consumer protections. “We're not going to be rolled here,” she warned, adding that current drafts risk undermining existing securities laws.

While the Senate Banking Committee, led by Chairman Tim Scott, has targeted a September 30 deadline to push crypto legislation, Klobuchar’s demands could extend negotiations well beyond that date. The Agriculture Committee, which has jurisdiction over commodities, must approve its own version of the bill—likely requiring bipartisan cooperation to meet the Senate’s 60-vote threshold.

Republican Chairman John Boozman echoed urgency for a comprehensive framework but emphasized the importance of getting the policy right. Although Republicans have laid out guiding principles, a full draft from the committee has yet to be released.

Senator Elizabeth Warren, another Democrat and known crypto critic, is also voicing similar concerns. However, Klobuchar’s committee has historically taken a more collaborative approach, potentially offering a more workable legislative route.

Klobuchar voted against the GENIUS Act, a major stablecoin regulation bill, and has received an “F” rating from advocacy group Stand With Crypto for her anti-crypto stance. Her opposition underscores the uphill battle crypto legislation faces in the Senate, especially with growing Democratic skepticism about digital assets and their regulation.