A group of democratic senators in the US Congress has signed the intent to cooperate with Republicans in promoting the law to establish the framework of the digital asset market structure.
In a statement on Friday, 12 Democrats, including members of the Senate Banking Committee and Senate Agriculture Committee, Issued A statement leads to a expected vote on a crypto market structure bill pushed by Republican leadership.
“We hope that our Republican colleagues will be in agreement with a bipartisan author process, as is the standard for this scale law,” the statement read. “Because of our shared interest in moving fast to this issue, we hope that they will agree to reasonable requests to allow real collaboration.”
Although Republicans hold most of the same Chamber of Congress, they will still need some democratic support to pass the law.
Among the suggested “Seven Key Cati” for a market structure bill released about two weeks ago are protections to combat forbidden finances and “closing the market area” for digital assets that are not considered security.
They also asked Republicans to support “restraint of corruption and abuse” and forbidden finances.
Related: Key Republican senator expects democratic support for the US Crypto Market Structure Bill
A leading democratic on the banking committee, Massachusetts Senator Elizabeth Warren, did not sign the statement with 12 other lawmakers. Warren gave an interview In the backdrop of August, he said that while digital assets require regulation, he will not support the law “written by the crypto industry.”
Republicans looking to pass the market structure by 2026
Last week, many cryptocurrency industry executives, including coinbase CEO Brian Armstrong, including identified with Republican lawmakers To discuss a path for the fees associated with crypto in Congress.
Although the US House of Representative passed the version of the market structure under The Clarity Act in July, the Senate Republicans signed that they would formulate the law to draft another bill.
https://www.youtube.com/watch?v=ry9MI57PBJS
This bill, called Tentatively Responsible Financial Innovation Act, is expected to go for a vote on the Senate banking committee by the end of September, according to Wyoming Senator Cynthia Lummis. Republicans Expect the bill to consider banking and agricultural committees before heading to a floor vote by the end of the year.
Magazine: 7 Reasons why Bitcoin mining is an awful business idea
