A coalition of Democratic senators in the US Congress has expressed its readiness to collaborate with Republicans to advance legislation aimed at establishing a framework for a digital asset market structure.
In a statement released on Friday, 12 Democrats, including members of the Senate Banking Committee and Senate Agriculture Committee, declared their intentions ahead of an anticipated vote on a crypto market structure bill advocated by Republican leadership.
“We seek a bipartisan authorship process with our Republican colleagues, which is customary for legislation of this magnitude,” the statement indicated. “Given our mutual interest in progressing swiftly on this topic, we hope for reasonable concessions to allow for genuine collaboration.”
Despite Republicans controlling a majority in both chambers of Congress, they may still require some Democratic support to enact legislation.
Among the “seven key pillars” proposed by the Democrats for a market structure bill, shared about two weeks ago, were provisions aimed at combating illicit finance and addressing “the gap in the spot market” for digital assets not deemed securities.
They further requested Republicans to support “preventing corruption and abuse” as well as illicit finance.
Related: Key Republican senator expects Democratic support for US crypto market structure bill
A leading Democrat on the banking committee, Massachusetts Senator Elizabeth Warren, did not endorse the statement shared by the other 12 lawmakers. Warren mentioned in an interview during the August recess that while regulation of digital assets is necessary, she would not back legislation “crafted by the crypto industry.”
Republicans aiming for market structure passage by 2026
Recently, several executives from the cryptocurrency industry, including Coinbase CEO Brian Armstrong, convened with Republican lawmakers to explore a way forward for crypto-related legislation in Congress.
While the US House of Representatives approved its version of the market structure under the CLARITY Act in July, Senate Republicans have indicated they will expand on the legislation to create a distinct bill.
This forthcoming bill, provisionally named the Responsible Financial Innovation Act, is anticipated to be brought to vote in the Senate Banking Committee by the end of September, as stated by Wyoming Senator Cynthia Lummis. Republicans foresee the bill being reviewed by the banking and agriculture committees before proceeding to a floor vote by year-end.
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