Senate Democrats announced their own framework for market structure legislation to define how cryptocurrencies fit into the current or future regulatory frameworks in the US. UU., Including how the stock exchange and values stock commission and the Basic Products Commerce Commission must supervise the digital asset sector.
The framework of the legislators, published on Tuesday, listed seven “key pillars”, which include requesting fair regulation that protects consumers and investors, defining how digital assets conform to the jurisdictions of the different regulators and “prevent corruption and abuse.” Republicans in the Senate Banking Committee have already published multiple drafts of their own market structure bill, which the president of the Committee, Tim Scott, said it should be through the Senate at the end of September.
Senators Ruben Gallego, Mark Warner, Kirsten Gillibrand, Cory Booker, Catherine Cortez Masto, Ben Ray Lujan, John Hickenlooper, Raphael Warnock, Adam Schiff, Andy Kim, Lisa Blunt Rochester and Angela Alsebrooks signed on the frame. All but two of these legislators, Hickenlooper and Kim, had previously voted in favor of the Genius law, a law that regulates the stable in the United States, which suggests that these are members who may be willing to support this most consistent legislation. Gillibrand has previously sponsored numerous bills with Republican Cynthia Lummis addressing cryptography. Any bill will need bipartisan support to advance through the Senate.
“We owe it to the millions of Americans who participate in this market to create clear road rules that protect consumers and safeguard our markets,” legislators said in a statement. “We must also ensure that digital assets are not used to finance illegal activities or to align the pockets of politicians and their families.”
Its framework argues that the regulatory regime in the United States has “hindered both innovation and consumer protection,” and requested the legislation to clarify how digital assets that are not values fit the rules and how they would regulate. The seven pillars include “closing the gap in the spot market” for cryptocurrencies that are not values; Clarification of regulatory jurisdiction; bring emitters to a regulatory framework; bring other platforms to a frame; blocking illicit finances; Prevent corruption through cryptography and “guarantee a fair and effective regulation.”
The new Cryptographic Advisor of the White House, Patrick Witt, said in a Coindesk interview this week that the effort promoted by the Republican party has been looking for contributions from the Democrats to guarantee a bill that the Senate can approve. This document can be the most significant response so far, giving both parties more concrete than to talk about.
The 6 -page document indicates that the CFTC currently does not have the resources to properly supervise cryptography markets, and requires that both the agency and the SEC believe new frames to supervise their respective parts of the digital asset sector.
He also asked that the legislation make all digital asset platforms register as “financial institutions” with the financial control of financial crimes (FINCEN)A branch of the United States Department of the United States in charge of tracking illicit finances.
A conflict point can go through the sixth Pilar, entitled “Corruption and Abuse Prevention.”
The section said that the president of the United States, Donald Trump, has resorted to digital asset projects to enrich himself and his family, “and said that the legislation should” limit the elected officials and their families to issue, support or benefit from digital assets while they are in office “and require disseminations.
Similar arguments contributed to control in the approval of the Genius Law earlier this year, but the bill was finally approved without any provision that blocked Trump or his family to participate in cryptography.
In a statement, Senator Elizabeth Warren, the main Democrat in the Banking Committee, said: “Producing a new cryptographic regulatory regime requires legislation that can approve both the Chamber and the Senate.”
“Until now, instead of working with us, Republicans have produced two partisan drafts, including a recent proposal that, according to the reports, reflects the secret feedback of the industry and other interested parties that Republicans refuse to share with the committee’s Democrats, or with the public,” he said, added that the comments must be publicly shared.
Read more: New Cryptographic Advisor of the White House, Patrick Witt, calls the best priority market structure
UPDATE (September 9, 2025, 18:33 UTC): Add Warren’s statement.
