Bipartisan Crypto Bill Nears Release as Senator Lummis Pushes for Pre-Holiday Progress
Amidst ongoing disagreements, senators are deep in bipartisan discussions concerning an anticipated crypto market structure bill. With the holiday break approaching, key Republican negotiator Senator Cynthia Lummis is expressing optimism for a new draft to be released as early as this week, aiming to make significant progress before Congress adjourns.
Lummis Urges Swift Progress on Crypto Legislation
Senator Lummis emphasized the urgency of advancing this crucial legislation during a recent panel discussion hosted by the Blockchain Association. She highlighted the strategic advantage of finalizing a product for markup in the coming week, allowing all parties to approach the Christmas holidays with a sense of accomplishment. This push comes as Republicans on the Senate Banking Committee submitted over 30 proposed amendments to an earlier draft of the bill last week, reflecting continued efforts to refine the legislation.
Key Concessions and Collaborative Efforts
The Republican proposal, a three-page document, aims to incorporate elements from a September crypto market structure framework into a new bipartisan bill, signaling a willingness to bridge divides with Democratic counterparts. Notable concessions include language that aligns with White House preferences regarding appointments to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Furthermore, the proposal addresses ethics provisions, specifically targeting business ties within the Trump family related to the crypto sector. However, Senator Lummis acknowledged that a prior ethics proposal she co-negotiated with Senator Ruben Gallego faced rejection from the White House, suggesting further dialogue may be needed on this sensitive aspect. Additional Republican concessions cover a broad spectrum of critical areas, including robust consumer protection standards for digital assets, modernized bankruptcy language specific to crypto, the establishment of a federal baseline for crypto ATMs, and comprehensive risk management standards for digital asset intermediaries. These ongoing negotiations underscore a determined effort to craft a comprehensive regulatory framework for the burgeoning crypto market.
