A group of 12 Democratic senators has presented legislative proposals for structuring the cryptocurrency market, emphasizing a healthy bipartisan agreement.
Goals of the Democratic Bill
The bill proposed by Democrats aims to ensure clarity in consumer-protective rules and maintain market integrity. Given their minority status in the Senate, it is unclear whether Republicans will accept their recommendations.
Key Provisions of the Bill
The bill includes the following key provisions:
* Emphasis on combating illicit finance * Addressing gaps in the spot market for digital assets * Increased resources for the SEC, CFTC, and Treasury Department * Warnings against issues related to regulatory leadership * Recommendations to restrict elected officials and their families from profiting from digital assets while in office.
Future of the Bill in the Senate
The Senate is prepared to consider the appointment of Brian Quintenz as the new chair of the CFTC, which may affect the bill's further progress. The management of the market structure bill is expected to be taken up after the recess, while Congress has already passed the CLARITY Act with bipartisan support.
The proposed bill reflects a commitment to creating clear rules that maintain trust in the digital asset market and protect American investors while encouraging innovation.
