Market Structure Proposals May Not Capture Crypto Momentum In Congress
Main Idea
Market structure proposals for cryptocurrency regulation may face challenges in Congress, with differing views among lawmakers and potential delays in the Senate.
Key Points
1. The GENIUS Act, regulating stablecoins, was signed into law by President Donald Trump, but broader crypto market structure legislation faces hurdles.
2. Conservative Republicans advocate for the Anti-CBDC Surveillance State Act, which divides lawmakers along party lines.
3. Senate Democrats, including Senators Angela Alsobrooks, Ruben Gallego, Andy Kim, and Lisa Blunt Rochester, show potential support for crypto legislation, with Senator Kirsten Gillibrand leading Democratic efforts.
4. The Senate may not adopt the House-passed version of the bill, with concerns raised by Senator Amy Klobuchar and a discussion draft released by leading Republicans.
5. Pushback from Democrats could delay the process, making it uncertain whether market structure legislation will reach the president's desk by the end of the year.
Description
Congress has achieved a significant win in cryptocurrency policy, but its next task —passing market structure legislation — may prove more challenging.
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