The probability of the Crypto Market Structure Act passing the Senate increases, and bipartisan cooperation takes another step forward

according to crypto journalist Eleanor Terrett, today the Democratic Party in the United States Senate released a comprehensive "Cryptocurrency Market Structure Act" framework, triggering optimism among industry insiders and some Republican leaders. Cryptocurrency market structure reform may find a bipartisan path in the Senate. An alliance of 12 Democrats released a detailed framework, indicating that the Democratic Party is ready to join efforts previously mainly driven by Republicans to establish clear cryptocurrency market rules. Republican key player, Senator Cynthia Lummis, praised this bipartisan effort.

The Democratic framework is based on seven key pillars, aiming to clearly define token jurisdiction, strengthen regulation of trading platforms and issuers, combat illegal financial activities and conflicts of interest, and provide regulatory agencies with more enforcement resources. These priorities overlap with the emphasis of the Republican Party. The key to the bipartisan agreement lies in the details, especially the differences in regulatory intensity. Republicans have traditionally favored looser regulation, while Democrats tend to prefer strict rules.

Earlier reports indicated that the Senate Banking Committee is expected to mark up and revise the market structure discussion draft by the end of September, while the Senate Agriculture Committee will also soon release a draft covering the CFTC regulatory portion. The market structure bill is expected to be signed into law by President Trump before Christmas this year.