[U.S. Senators: Crypto Market Structure Bill Expected to Pass This Year]
According to a report by Jinse Finance, U.S. Senators Cynthia Lummis and Kirsten Gillibrand stated that bipartisan efforts to advance crypto market structure legislation are ongoing, with hopes of completing 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 year-end. Gillibrand emphasized that Congress is currently facing fiscal cliff negotiations and that legislation should not be bound by 'artificial deadlines,' 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,' likening the process to being 'pregnant for four years.'
Democrats proposed that the bill should include consumer protections, delineation of regulatory authority, and ethical provisions, such as prohibiting the President, Vice President, and their families from profiting from crypto projects to avoid conflicts of interest. Gillibrand stressed that an ethical perspective is crucial for building trust in the industry, while Lummis argued that restrictions on officials' investments should be legislated alongside other securities, rather than singling out cryptocurrencies.
