The USA market structure bill. UU. It should be approved by the end of the year, leading legislators who work in the effort said Wednesday, although efforts in this bill will probably push beyond the deadline of September 30 previously established by the head of the Senate Banking Committee.
“I don’t want to put an artificial deadline at all,” said Senator Kirsten Gillibrand (DN.Y.)Speaking at the Coindesk policy and regulation event in Washington, DC, “we are in the midst of negotiations about whether we are going to have a bipartisan budget, so the most important issue that Congress has to deal with at this time is the fiscal cliff.”
The question of time has advanced in the structure work of the market, since President Donald Trump initially established a deadline of August so that all cryptographic work in Congress works on his desk. That optimistic deadline fell first until the end of September, when the president of the Senate Banking Committee, Tim Scott, had said he wanted the market structure to be done.
That deadline is now part of the work, said Senator Cynthia Lummis, the Wyoming Republican who directs the cryptographic subcommittee of the panel. She said she hopes that the work of the bank committee ends by then, but that will still let the other necessary committee, the agriculture of the Senate, update in October, he added. While Lummis has previously mentioned thanksgiving as a goal, he said Wednesday that “it could be too optimistic.”
“It’s really important for me to do it at the end of the calendar year,” Lummis said. “It’s like being pregnant for four years, you know. Please, what happens.”
Ethics concerns
A group of Senate Democrats published a list of priorities that wanted to see included in any market structure bill, ranging from consumer protections to regulators’ jurisdictions.
“What allows to understand that this will be bipartisan,” Gillibrand said, adding that Democrats may have different perspectives on issues such as entry ramps and out of decentralized finances and consumer protections.
One of the pillars of the Democrats, if implemented, would cover legislators, including the president’s families and the vice president to benefit from cryptographic projects. Gillibrand said it was important to have an ethics component to avoid any autocuration or infraction of the emolument clause.
“I think it is important to have this ethics lens,” Gillibrand said. “It’s something that really undermines the entire industry.”
However, he added that at this point in the negotiation process, there was no “line in the sand” for the Democrats. “It is very important for me and I would like to obtain the best possible ethics disposition.”
Lummis, speaking after the panel, said he would prefer to see any effort to restrict cryptographic trade by elected officials is their own separate effort, and potentially combined with values and other investments, because he argued that cryptocurrencies should not guarantee a different treatment.
“I think we will have to have a dialogue with the Democrats who are concerned about the participation of this president and the future presidents,” he said.
