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U.S. senator: ‘Bipartisan deal reached on crypto market structure bill…hope progress isn’t rolled back’

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Suehyeon Lee
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Summary

  • It said that in the U.S. Senate, a market structure bill outlining the direction of crypto-asset regulation has been prepared as a bipartisan agreed text and has entered full-fledged deliberations.
  • It said Sen. Lummis emphasized that the Digital Asset Market Clarity Act will play a key role in sustaining crypto-asset innovation in the United States and strengthening consumer protection.
  • It reported that while markets see the bipartisan agreed text as important progress, additional friction could arise over issues such as stablecoin revenue models and the scope of rules for DeFi (DeFi).
Portion of the draft bill released by Sen. Lummis/Photo=Cynthia Lummis
Portion of the draft bill released by Sen. Lummis/Photo=Cynthia Lummis

A market structure bill laying out the direction of crypto-asset regulation in the U.S. Senate has been prepared as a bipartisan agreed text, moving into a full-fledged deliberation phase.

On the 13th (local time), Republican Sen. Cynthia Lummis said on X, “After months of work, we have prepared bipartisan bill text for Thursday’s markup,” adding, “I hope my Democratic colleagues do not roll back the progress we’ve made so far.”

Lummis stressed that the Digital Asset Market Clarity Act will play a pivotal role in sustaining crypto-asset innovation in the U.S. while strengthening consumer protection. She explained, “We need a clear regulatory framework so innovation doesn’t leave the United States and users can be protected.”

Markets are viewing the very fact that a bipartisan agreed text has been put together as meaningful progress. However, with sensitive issues still remaining—such as stablecoin revenue models and the scope of rules for DeFi (DeFi)—there are also concerns that further friction could continue during the upcoming markup and amendment discussions.

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Suehyeon Lee

shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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