- Senators Lummis and Gillibrand revealed that they are doing the final touches on the pending crypto market structure bill.
- Senate Republicans reportedly agreed to accommodate more than 30 revisions proposed by Democrats to the pending legislation.
US Senator Cynthia Lummis of Wyoming recently provided an update on the pending crypto market structure bill. During the Blockchain Association’s policy summit in Washington, the chair of the Senate Banking Committee’s digital assets subcommittee revealed that negotiations are underway to reach a compromise on several provisions of the legislation.
Senator Lummis is in Active Talks with Democratic Party Senators Over the Crypto Market Structure Bill
According to Lummis, she remains in active talks with her Democratic Party colleagues to find common ground on the pending cryptocurrency market structure bill. The Republican senator confirmed that she has met with Senator Ruben Gallego of Arizona to address the legislation’s ethics provisions.
Lummis didn’t elaborate on the details of her discussion with Gallego. However, the crypto community assumes the matter centered on the restrictions repeatedly aired by the opposition to prevent top government officials from trading and profiting from the industry.
Senator Elizabeth Warren of Massachusetts and her allies have been notably vocal in questioning President Donald Trump and his family’s active involvement in crypto through World Liberty Financial (WLFi), to which she raised an apparent conflict of interest in their dealings. She even accused WLFi of selling its governance tokens to buyers linked with the North Korean and Russian governments, alongside other participants from countries hostile to the US.
Lummis stated that her conversation with her Democratic Party counterparts also delved into the nominations of commissioners for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). By law, the composition of these bodies should be bipartisan, and no more than three of the appointed commissioners in each agency should be from the same political party.
Finding a Common Ground on Over 30 Provisions of the Legislation
Interestingly, the Wyoming senator referred to the last two weeks of the week as the “prime time” for the crypto market structure bill. But then again, she admitted that the crypto industry has been wild with speculation amid the Senate’s weeks of closed-door meetings on the legislation. Nonetheless, Senator Kirsten Gillibrand of New York, an advocate for the bill, assured the public that the outcome of their dialogue will be “so strong” when they conclude.
A document Politico obtained from an anonymous source indicates that Republican senators agreed to accommodate more than 30 changes proposed by Democratic senators, on the condition that they would no longer touch the other provisions in the previous discussion draft.
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