U.S. Senate Democrats Unveil Comprehensive Crypto Market Structure Framework

According to BlockBeats, a comprehensive framework for the Crypto Market Structure Act was released by U.S. Senate Democrats, sparking optimism among crypto industry stakeholders and some Republican leaders. This development suggests a potential bipartisan path for cryptocurrency market structure reform in the Senate. A coalition of 12 Democrats has presented a detailed framework, indicating their readiness to join efforts previously led mainly by Republicans to establish clear rules for the crypto market. Republican Senator Cynthia Lummis, a key advocate for these efforts, praised the bipartisan initiative. The Democratic framework is built on seven key pillars, aiming to clarify token jurisdiction, enhance regulation of trading platforms and issuers, combat illegal financial activities and conflicts of interest, and provide regulatory bodies with more enforcement resources. These priorities align closely with those emphasized by Republicans. The success of a bipartisan agreement hinges on the details, particularly regarding the extent of regulatory oversight. Historically, Republicans have favored more lenient regulations, while Democrats have leaned towards stricter rules. Previously, it was reported that the Senate Banking Committee is expected to mark up a draft discussion on market structure by the end of September. Additionally, the Senate Agriculture Committee is set to release a draft covering the CFTC regulatory aspects soon. The market structure act is anticipated to be signed into law by U.S. President Donald Trump before Christmas this year.