Crypto Market Structure Bill Faces Key Democrat Conditions for Bipartisan Approval
A group of a dozen pro-crypto Senate Democrats, led by Sen. Ruben Gallego, has outlined a series of conditions for supporting the pending crypto market structure bill, stressing the importance of a bipartisan regulatory process. A major concern is the current composition of the SEC and CFTC, where no Democrats currently serve, and ensuring that these agencies have adequate funding, staff, and Democratic voices to produce balanced and durable rulemaking. The senators’ letter also calls for provisions to maintain regulations on traditional securities, grant the CFTC authority over spot crypto commodities, prevent regulatory evasion via digital assets, establish effective oversight for DeFi, and preserve consumer protection authorities. These conditions reflect both political considerations ensuring that commissioners are not summarily fired and alignment with traditional finance interests, aiming to prevent crypto companies from gaining an unfair advantage. While Senate Republicans have released a draft of the bill and aim for a quick markup, the pro-crypto Democrats warned that moving too quickly without their support could risk losing bipartisan consensus.