Amidst a partial government shutdown in Washington, a surge of momentum propels U.S. crypto market legislation to new heights. The enthusiasm is infectious as Coinbase CEO, Brian Armstrong, exclaims that we are at a remarkable "90%" milestone, showcasing unprecedented cooperation among senators crafting the regulatory framework for digital assets.
Congressional Collaboration: A Game-Changer
The Road to Agreement
Armstrong's recent interactions with Senate Democrats and Republicans have revealed that finalizing the CLARITY Act is within grasp. The remaining 10%, including DeFi and stablecoin rewards, are on the brink of resolution. This bipartisan effort signifies a significant step towards bringing much-needed clarity to digital asset regulation.
July's Groundbreaking Moment
House's Approval and Senate's Turn
In July, the Digital Asset Market Clarity Act garnered a strong bipartisan majority in the House of Representatives. Now, the bill awaits the Senate Banking Committee's review under Sen. Tim Scott's guidance, with hopes of Senate floor progression by year-end.
Strategic Collaborations Shape Progress
Armstrong's productive dialogues with senators from both sides have been pivotal, signaling promising prospects for the U.S. crypto industry. Notable figures like Sen. Chuck Schumer, Sen. Kirsten Gillibrand, and Sen. Cynthia Lummis actively engaged in discussions with industry leaders, underlining the significance of this legislation.
Addressing DeFi and Stablecoin Concerns
Challenges Ahead
While significant strides have been made, the final phase of negotiations poses challenges, especially in regulating decentralized finance platforms. Armstrong advocates for a focus on decentralized intermediaries rather than direct regulation of open-source protocols.
Moreover, the debate on stablecoin rewards remains intense, with the banking lobby striving to eliminate them. Industry proponents, including Coinbase, stress the importance of consumers earning yield on regulated stablecoin holdings, akin to traditional interest-bearing accounts.
Competing Priorities in Congress
The differing priorities within Congress highlight the need for a delicate balance between preventing illicit activities and fostering innovation. While Democrats emphasize consumer protection, Republicans champion competitiveness and technological advancement.
Looking Ahead
Optimism Amidst Challenges
Despite hurdles like the ongoing government shutdown, the momentum behind the market structure bill is undeniable. While some remain cautious, the overall sentiment is positive. Sen. Lummis predicts that the bill could land on the president's desk by year-end, setting the stage for a groundbreaking development in the crypto industry.
CFTC
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
finance.yahoo.com
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By: Micah Zimmerman
Title: Exciting Bipartisan Progress: Crypto Market Legislation Nears the Finish Line
Sourced From: bitcoinmagazine.com/politics/crypto-market-bill-gains-momentum
Published Date: Thu, 23 Oct 2025 20:37:34 +0000
