A group of Democratic U.S. Senators has released their version of guidelines to influence legislation establishing cryptocurrency market structure, focusing on buying time for "strong bipartisan outcomes."
In a notice on Tuesday, 12 Democratic Senators (several of whom are members of the Banking Committee) unveiled a framework for market structure legislation in response to Republican plans.
Like the latest draft released by Republicans on September 5, the Democratic framework includes regulatory clarity provisions and sets out rules for the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets.
"We have an obligation to establish clear rules of the game for the millions of Americans participating in this market, to protect consumers and maintain our markets," the Senators wrote. "We must also ensure that digital assets are not used to fund illegal activities or profit politicians and their families."
Given that Democrats are in the minority in the Senate, it remains unclear whether Republicans will incorporate the framework proposal into their plans, which aim to pass through the Banking Committee by October, through the Agriculture Committee by November, and become law by 2026.
Banking Committee Chairman, Republican Senator Tim Scott, stated in August that he expects "12 to 18" Democrats to support the majority party version of the bill, known as the "Responsible Financial Innovation Act."
"Achieving strong bipartisan outcomes takes time and cannot be rushed," the 12 Democrats wrote. "We look forward to working with our Republican colleagues on this."
The Democratic framework outlines "seven key pillars," including proposed protections against illegal finance and "narrowing the spot market gap," targeting digital assets not considered securities. However, the document also criticizes former President Donald Trump by name in its recommendations for ensuring "fair and effective regulation" of the cryptocurrency market.
"Designing and implementing a digital asset framework will require significant additional resources from the SEC, CFTC, and the Treasury," the proposed framework states. "Moreover, President Trump has dismissed numerous Democratic commissioners from independent regulatory agencies and has shown little interest in nominating new officials."
The current leadership of the CFTC includes only one commissioner, acting chair Caroline Pham, as all other heads of the agency have left this year. The Senate is expected to consider the nomination of Brian Quintenz, who was chosen by Trump to succeed Pham as chair.
Pham has stated that she will leave the CFTC after her successor is confirmed by the Senate. As of Tuesday, Trump has not nominated anyone to fill the remaining four seats on the commission.
Following the passage of the "GENIUS Act" (a bill regulating payment stablecoins) in July, the Senate is expected to prioritize the market structure bill after a month-long recess.
The House version of the legislation, called the "CLARITY Act," has received significant bipartisan support, while the anti-central bank digital currency (CBDC) bill garnered only two votes from Democrats.
Although many of the Senators who signed the framework on Tuesday voted in favor of the "GENIUS Act," it remains unclear whether this support will extend to market structure, particularly regarding recommendations related to "corruption and abuse."
The document suggests that any bill should include restrictions on elected officials and their families from "issuing, supporting, or profiting from digital assets during their term" and strengthen disclosure requirements.
In addition to concerns about the leadership of independent regulatory agencies, Senate Democrats also claim that Trump "turned to digital asset projects to enrich himself and his family."
Trump's connections to the industry through his family-supported cryptocurrency company World Liberty Financial, his personal meme coin, and his family's mining business may complicate efforts to establish bipartisan support for cryptocurrency legislation, especially among Democrats like Senator Elizabeth Warren, who frequently criticizes the President's cryptocurrency ventures.
Related: Virginia voters head to the polls, participating in campaigns funded by cryptocurrency
Original article: “U.S. Senate Democrats Propose Framework for Cryptocurrency Market Structure Competition”
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