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U.S. Senate releases draft bill on crypto market structure…278-page bipartisan compromise emerges
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Summary
- The U.S. Senate has released the full text of a crypto market structure bill, taking the legislative debate into a decisive turning point.
- The 278-page draft bipartisan crypto market structure bill was described as the product of months of negotiations among Senate Republicans, Democrats, and the industry.
- The bill reportedly broadly covers a crypto regulatory framework, the securities-versus-commodities distinction, DeFi, stablecoins, overall market structure, as well as issues such as stablecoin yield and the classification of certain tokens.
After months of heated debate in the Senate, the full text of a bipartisan bill laying out a broad framework for regulating the virtual asset (cryptocurrency) market has been released, pushing the legislative discussion into a decisive turning point.
According to Eleanor Terrett, host of Crypto in America, on the 13th (local time), the final version of the 278-page virtual asset market structure bill—negotiated for months by Senate Republicans and Democrats together with the industry—was made public. The draft is said to be a bipartisan product forged through intense internal negotiations to reconcile differences.
The bill is reported to broadly set out the regulatory framework for the virtual asset market, including principles on the securities-versus-commodities distinction, DeFi, stablecoins, and overall market structure. In particular, market attention is focused on how the debate over stablecoin yield and the classification of certain tokens—key sticking points until recently—has been reflected in the text.
