BlockBeats News, September 11th, according to crypto reporter Eleanor Terrett's report, today the U.S. Senate Democrats released a comprehensive "Crypto Market Structure Act" framework, triggering optimism among cryptocurrency industry professionals and some Republican leaders, and bipartisan cooperation may be found in the Senate for cryptocurrency market structure reform. A coalition of 12 Democrats unveiled a detailed framework, indicating that the Democrats are ready to join efforts previously mainly driven by Republicans to establish clear cryptocurrency market rules. Republican key proponent, Senator Cynthia Lummis, expressed appreciation for this bipartisan effort.
The Democratic framework is based on seven key pillars, aiming to clearly define token jurisdiction, strengthen regulation of exchanges and issuers, combat illegal financial activities and conflicts of interest, and provide regulatory agencies with more enforcement resources. These priorities overlap with the emphasis of the Republican Party. The key to the bipartisan agreement lies in the details, especially the differences in regulatory intensity. Republicans have traditionally favored looser regulations, while Democrats tend to prefer strict rules.
Previously reported, the Senate Banking Committee is expected to mark up the market structure discussion draft by the end of September, while the Senate Agriculture Committee will also soon release a draft covering the CFTC regulatory aspects. It is expected that the Market Structure Act will be signed into law by President Trump before Christmas this year.