A group of Democrat Senators in the US Congress has expressed their intention to work with Republicans to advance legislation to establish a framework for the digital asset market structure.
In a statement Friday, 12 Democrats, including members of the Senate Banking Committee and the Senate Agriculture Committee, issued a statement ahead of the anticipated vote on the Cryptomarket Structure Bill, driven by Republican leaders.
“We hope that our Republican colleagues agree to the bipartisan authorship process, as well as the standard for law of this size,” the statement said. “Given that we share our interest in moving forward quickly on this issue, we hope they agree to a reasonable demand to enable true collaboration.”
Republicans have a majority in both Congresses, but they may still need democratic support to pass the law.
Some proposed Democrats in the “seven key pillars” of the Market Structure Bill, released about two weeks ago, had protections to “fill the gap between the spot market” with the illegal finances of digital assets that are not considered securities.
They also asked Republicans to support “preventing corruption and abuse” and illegal finances.
Related: Key Republican senators expect democratic support for the US crypto market structure bill
Massachusetts Sen. Elizabeth Warren, the top Democrat on the Banking Committee, did not sign a statement with the other 12 lawmakers. Warren interviewed him during his break in August. She said that digital assets need regulation but do not support laws “written by the crypto industry.”
Republicans seeking to pass through market structures by 2026
Last week, cryptocurrency executives, including Coinbase CEO Brian Armstrong, met with Republican lawmakers to discuss the pathway to advance Congress’ crypto-related bills.
The U.S. House of Representatives passed a version of the market structure based on a clear law in July, but Senate Republicans have shown they will build on the law to draft another bill.
https://www.youtube.com/watch?v=ry9mi57pbjs
According to Wyoming Sen. Cynthia Ramis, the bill is interim called the Responsible Financial Innovation Act and is expected to vote in the Senate Banking Committee by the end of September. Republicans hope that the bill will be considered by the Bank and Agriculture Commission before heading to floor votes by the end of the year.
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