Some of the Republican senators working on digital assets policy shared a set of principals to steer the the digital assets policies they're contemplating.
Some of the Republican senators working on digital assets policy shared a set of principals to steer the the digital assets policies they're contemplating. Senator Tim Scott, chairman of the Senate Banking Committee, and other colleagues have shared some principles for crypto's market structure.
)U.S. Senate Republicans are pitching some of the elements they want to see in a crypto market structure bill. While the House of Representatives has so far remained in the lead on crafting this legislation, the Senate is set to discuss the issues at a hearing on Tuesday. It remains unclear how the bill on structuring the U.S. crypto markets will or won't pair with a companion bill to set U.S. stablecoin issuer standards, which already cleared the Senate with overwhelming support. Top U.S. senators have shared the outline of what they're after in the effort to establish rules of the road for domestic crypto markets, releasing aThe crypto industry is excited about the recent progress of stablecoin legislation, but the legislation to set up the structure of fully regulated crypto activity is what the sector is most urgently awaiting. The chairman and three other Republicans on the Senate Banking Committee offered this framework, representing half of the team that would need to eventually clear a bill, which also must pass through the Senate Agriculture Committee. "These principles will serve as an important baseline for negotiations on this bill, and I’m hopeful my colleagues will put politics aside and provide long-overdue clarity for digital asset regulation,” said Chairman Tim Scott said in a statement, joined by Senators Thom Tillis, Bill Hagerty and Cynthia Lummis. The principles include setting up clear distinctions between digital securities and commodities and a shared regulatory structure that prevents an "all-encompassing" watchdog from emerging; establishing a "small package" of money-laundering protections that are "pro-innovation"; and encouraging the federal regulators to embrace "no-action guidance, sandboxes, safe harbors, coordination and appropriate application requirements." So far, the House of Representatives has been in the lead on market structure, clearing its Digital Asset Market Clarity Act through the two necessary committees on its way toward the House floor. But the Senate finished its first crypto priority by passing the Guiding and Establishing National Innovation for U.S. Stablecoins Act last week, and it's now moving on to market structure."While the European Union and Singapore have established clear regulations, the U.S. continues to sit on the sidelines while the digital asset industry seeks greener pastures," Lummis said in a statement. "That changes today." Meanwhile, crypto lobbyists are focused on the House's strategy for how it'll approach the two bills. It'll soon fix on one of three options: passing the GENIUS Act as-is, merging it with the House's own stablecoin legislation or packaging the stablecoin effort with the market structure bill as a single piece of legislation. This same process will play out if the Senate pursues its own track for the market structure bill, rather than adopt the House's product. So far, both chambers have seen wide bipartisan support for the crypto initiatives, but Democrats have raised a number of objections rooted in illicit financial concerns, national security and their criticism of President Donald Trump's personal crypto ties.Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
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