Today, cryptocurrencies are back in the red. The Senate Agriculture Committee released a draft of the long-awaited crypto market structure bill, and Visa's Mark Nelson breaks down the payment giant's latest step forward in stable coin adoption. Welcome to CNBC's Crypto World.I'm Talia Kaplan. Cryptocurrencies are back in the red this morning with Bitcoin falling to the $11,000 level by noon Eastern. Ether's also headed lower, falling below $3,400 and XRP dropped to $2.34%.And taking a look at stablecoin iss ...

🗞️ Need to catch up on the news? Here's our top 10 from today:🔸 The US Senate Agriculture Committee releases bipartisan crypto market structure draft to regulate digital commodities under the CFTC.🔹 New IRS guidance gives exchange-traded products a clear path to stake digital assets.🔸 Rumble will acquire crypto miner Northern Data in a $767M stock deal.🔹 Coinbase is launching a token sales platform for retail investors and issuers, per WSJ.🔸 Strategy added another 487 $BTC this week, worth about $50M.🔹 Bitm ...

Core Viewpoint - Coinbase CEO Brian Armstrong is optimistic about the passage of a crypto market structure bill this year, having met with bipartisan senators who are close to finalizing the legislation [1][2][3]. Group 1: Legislative Progress - Armstrong stated that momentum for market structure clarity is at an all-time high, with both parties working hard to finalize the remaining details of the bill [2][5]. - The CEO expressed confidence that the bill could be out of committee by Thanksgiving and passed by the end of the year [3][6]. - The House passed the Clarity Act in July, but the Senate's progress remains uncertain due to the government shutdown affecting legislative priorities [6][7]. Group 2: Industry Engagement - A dozen crypto industry leaders, including Armstrong, met with U.S. senators to discuss the crypto market structure bill, indicating strong engagement from the industry [3][4]. - The meetings included discussions with both Democratic and Republican senators, highlighting a bipartisan approach to the legislation [4][5]. - Senators acknowledged the economic value of the crypto industry and the need for appropriate regulatory measures [5][6].

Core Viewpoint - The U.S. crypto market structure debate has intensified, with Democrats and Republicans at odds, leaving the crypto industry caught in the middle [1] Group 1: Political Dynamics - Senate Democrats have accused Republicans of politically exploiting the crypto industry, urging industry leaders not to align with the Republican Party [2] - The divide between the two parties is growing, with both sides expressing a desire for a market structure bill but lacking trust in each other [3] Group 2: Regulatory Control - The primary contention is over regulatory authority: Republicans favor classifying most digital assets as commodities under the CFTC, while Democrats prefer maintaining broad SEC authority [4] - There is disagreement on whether tokens can be treated as non-securities, with Republicans advocating for clear on-ramps and safe harbors, while Democrats prioritize investor protections [4] Group 3: DeFi Regulation - Republicans propose a light-touch regulatory framework for DeFi, whereas Democrats advocate for stricter compliance requirements for front-ends and developers [5] Group 4: AML and KYC Regulations - Republicans support targeted improvements to AML regulations, believing current rules are manageable, while Democrats call for stronger AML/KYC and sanctions controls to be integrated into market structure from the outset [7]