Senate Claims Crypto Bill Is Ready, But White House Says 'Do Better'

Core Insights - The long-delayed crypto market-structure bill is nearing completion, with bipartisan negotiations accelerating and a draft expected by the end of the week [2][3] - The Senate is working on two parallel drafts, one focusing on oversight division between the SEC and CFTC, and the other expanding CFTC's authority [4] Group 1: Legislative Progress - Senators Kirsten Gillibrand and Cynthia Lummis reported productive bipartisan sessions, indicating that "nothing is holding up this bill" [2] - The momentum for a federal market-structure framework has increased since the House passed the Digital Asset Market Clarity Act in July [2] Group 2: Regulatory Framework - One proposal introduces the term "ancillary assets" to clarify which cryptocurrencies are not treated as securities, dividing oversight between the SEC and CFTC [4] - The Senate draft aims to address issues not covered by the House bill, including regulations for decentralized finance exchanges [5] Group 3: Ethics Considerations - An ethics proposal negotiated by Lummis and Sen. Ruben Gallego would restrict elected officials and their families from profiting from digital assets while in office, but the White House rejected this language [6] - The political sensitivity around ethics rules has increased due to reports of President Trump's family generating significant income from ventures linked to a DeFi and stablecoin platform [7]