A group of US democratic senators have released its own version of guidelines to influence the law to promote a crypto market structure, focusing on spending time toward a “strong, bipartisan outcome.”
In a notice on Tuesday, 12 democratic senators, some of them were on the banking committee, Unveiled A framework for market structure law in response to Republican plans.
As the latest DRAFT of Republicans Released on September 5The Democrats’ framework includes provisions for the clarity of regulation and the placement of policies in which the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) can handle digital assets.
“We owe millions of Americans to participate in this market to create clear road policies that protect consumers and care for our markets,” the senators wrote. “We should also make sure that digital possessions are not used to supply illicit activities or to line the pockets of politicians and their families.”
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To the minority Democrats in the Senate, it is unclear as the Republicans will consider the outline recommendations as part of their Plans to pass the bill Outside of the banking committee in October, outside the agricultural committee in November and the law of 2026.
Republican Senator Tim Scott, who heads the banking committee, said in August that he hopes that “between 12 to 18” democrats to back the version of the law, entitled the responsible financial curiosity law.
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“Achieving a strong, bipartisan outcome will require time and cannot rush,” written by 12 Democrats. “We look forward to working with our Republican colleagues.”
Responding to the current hunger of leadership at CFTC
The democratic framework, which has laid out the “seven main columns,” includes suggested protection to combat illicit finances and “closing the place market gap” for digital possessions that are not considered security. However, the document also personally called US President Donald Trump on recommendations to ensure “fair, effective regulation” in crypto markets.
“Designing and implementing a digital asset framework will require significant additional resources for the SEC, CFTC, and Treasury department,” said the proposed framework. “In addition, President Trump fired countless democratic commissioners from independent regulatory agencies and showed little interest in appointing new officials.”
CFTC leadership is currently consisting of a commissioner, acting seat Caroline Pham, removal With all the other heads of the agency this year. The Senate is expected to consider Brian Quintenz’s nomination, Trump’s choice to replace Pham as a seat.
Pham said he would leave the CFTC after the Senate confirmed a replacement. Like Tuesday, Trump did not appoint anyone else to fill the remaining four chairs at the commission.
Chance of a bill passing through 2026?
Following the passage of the Genius Act-a bill to repair payment stables-in July, the Senate is expected to address the market structure as one of its leading priorities after breaks for a month’s retreat.
The House Law version, called The Clarity Act, passed with significant Bipartisan support, while an anti-CBDC (Central Bank Digital Currency) Bill received only two yay votes from democrats.
While many of the senators who signed to the framework of Tuesday voted to pass the Genius Act, it is unclear whether that support would expand the market structure, especially with recommendations around “corruption and abuse.”
The document recommends that any bill includes limitations to elected officials and their families from “discharge, endorsement, or profit from digital ownership while in office” and strengthen disclosure requirements.
In addition to their concerns over the leadership of independent regulatory agencies, Senate Democrats claimed that Trump had “turned to digital projects of owner to enrich himself and his family.”
Trump’s relationship with the industry through his company supported by the Crypto World Liberty Financial, his personal memecoin and his family’s adventure could complicated efforts to develop bipartisan support for crypto law, especially democrats such as senator Elizabeth Warren, who often criticized the presidential adventures.
