Washington, DC – Following the United States Senate that approved its first major cryptographic bill, one of the main proponents of the industry there, Senator Cynthia Lummis said that the final step towards the US regulations for the cryptographic sector may take several more months to complete, potentially jumping beyond the deadline of August established by President Donald Trump.
The recent approval of the Senate of Stablecoin’s legislation is only one of the many steps that potentially remain to make two related efforts, which also include the impulse towards the new rules to govern the digital asset markets of the United States, in the US law.
When a realistic timeline was asked about this year’s cryptography efforts, Lummis told an audience of the Bitcoin Policy Institute in Washington: “I think that before the end of this calendar year” to finish all the related legislation. The Wyoming Republican said she would be “extremely disappointed” if that were not the case.
“We are in a good place,” he said at Wednesday’s event. But the president of the Digital Assets Subcommittee of the Senate Banking Committee also directed a hearing on Tuesday to make a first foray into the discussion of market structure legislation in that camera, recognizing that it will not be easy. She hinted at the delicacy of the bipartisan wave that helped boost 18 democratic votes (for 68 in total) In the Stablecoin bill last week, which was equivalent to “a teeth stabbing exercise.”
In his audience on Tuesday, Democrats’ shortage appeared to witnesses of questions, and made some comments in the end revealing his conscience, the parties are approaching the effort differently.
“I do not want to find legislation that the other side of the hall feels that they have not had adequate contributions, and that will require that you may do everything” was very bipartisan then and now it seems not to be, and I do not understand what it has changed, at least with respect to this issue. “
Some Democratic legislators have demanded that Congress need to insist on these bills that senior government officials, including the president, cannot participate directly in cryptographic businesses. Although Republican legislators have generally moved away from openly discussing criticism that Trump’s participation is equivalent to federal government corruption, Lummis nodded towards that opinion on Tuesday.
“Perhaps it is the concern that certain people who have family members in the administration will be advantageous in some way for what we are doing,” he said. “I don’t want that to be the case. I want everyone to be advantage.”
He pointed out in the Wednesday event that there was, at a time of the Stablecoin debate in the Senate, a setback with the Democratic supporters, who hit the brakes to criticize some of the safety provisions of the bill and also the possible conflicts of Trump Criptos personal interests.
Those Democrats, including Senator Ruben Gallego, came later. But so far it is not clear how much these legislators will press for the effort of the market structure to prohibit the government government officials and if that would be a decisive factor for Republicans.
At this point, the United States Representatives Chamber has been at the head of the cryptography market structure, after having approved its law of clarity of the digital asset market of two committees on its way to the floor of the camera. But now you have to solve a strategy on how or not bend Stablecoin’s effort in that bill or pursue it separately. An option is simply to sign the guides and establish the national innovation of the Senate for the US stable. UU. (GENIUS) Act, which would send that piece to Trump more immediately, as requested in a recent publication of social networks.
The Senate remains the highest obstacle to US legislation, so any success of the House of Representatives will need to gain broad democratic support in the Senate.
Read more: American senators have a new cryptography market structure framework as audition is approaching
