US Senator: Crypto Market Structure Bill Expected to Pass This Year

Jinse Finance reported that U.S. Senators Cynthia Lummis and Kirsten Gillibrand stated that both parties are continuously advancing crypto market structure legislation, hoping to complete it by the end of the year. Previously, the Senate Banking Committee had set a target for the end of September, but progress has been delayed to October or even the end of the year. Gillibrand emphasized that Congress is currently facing fiscal cliff negotiations and that legislation should not have an “artificial deadline,” adding that no “red lines” have been drawn in the negotiations; Lummis, on the other hand, stated that “it must be completed by the end of the year,” describing the process as “like being pregnant for four years.” Democrats have proposed that the bill should include consumer protection, division of regulatory authority, and ethical provisions, prohibiting the president, vice president, and their families from profiting from crypto projects to prevent conflicts of interest. Gillibrand stressed that the ethical perspective is crucial for industry trust, while Lummis believes that restrictions on officials’ investments should be legislated together with other securities, rather than targeting crypto specifically.