Sen. John Kennedy (R-LA) challenged the deadline for moving forward with crypto market structure legislation on Wednesday as experts warned of “deep uncertainty” about digital asset regulation and institutional preparations for the September 30 deadline for Senate Banking Committee Chairman Tim Scott.
Kennedy told reporters that the committee is not ready to move on to laws in the Senate version of the comprehensive crypto market structure. Politics Report.
“I don’t think I’m ready,” Kennedy said. “The people I speak still have a lot of questions. I know there are still a lot of questions.”
The current legislative push continues with the passage of the Genius Act in July. However, Kennedy has rejected its achievement as a reserve compared to the broader regulatory framework currently under consideration.
“It was a baby step just like genius was important,” Kennedy said. “This is a complete leap and we have to get it right.”
Sweeping method
Industry experts are Stablecoin While the law represents a targeting approach focused on one asset class, the proposed market structure bill establishes comprehensive rules across the digital asset ecosystem.
“The Senate debate on GOP’s market structure bill underscores the deep uncertainty over regulating digital assets,” said Nitesh Mishra, co-founder and CTO of hedging platform Chaidex. Decryption.
Mishra said one reason for the delay is that “traditional banks are not ready” to avoid exposure to digital assets, citing gaps in risk management, compliance and technology.
“Central banks often act as brakes,” he said, insisting strict consumer protection standards and limiting direct involvement with crypto.
Without addressing these structural issues, Mishra warned, warning that the incredible reforms that are rapidly tracking are “unrealistic and potentially risky for broader financial stability.”
Lobbying activities in the crypto industry
The crypto industry has invested heavily in Washington lobbying to ensure regulatory clarity, putting market structure laws as the top priority.
Companies view clear federal rules as essential to operating in the US market under the Trump administration’s more favorable stance on digital assets.
The House of Representatives’ Clarity Act faced pushbacks from Defi supporters who said it would force the platform to implement restrictions like central exchange.
Scott admitted in August that democratic support for the Market Structure Bill could be weaker than bipartisan support that helped pass the bill with a stable effect, and estimated that “18 Democrats from age 12 are likely to support the bill.”
With Republicans holding a narrow majority of 53 seats, Scott needs at least seven Democrats to join the unified GOP Caucus, but Kennedy’s public opinion suggests that even Republican unification cannot be envisaged.
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