Political Divide Slows Crypto Market Structure Legislation
Democrats and Republicans hosted competing roundtables with cryptocurrency executives this week, revealing deepening partisan rifts over market structure reforms. The stalemate persists three months after the House passed the CLARITY Act, with Senate progress stalled amid mutual accusations of obstruction.
Senator Kirsten Gillibrand's Democratic gathering exposed frustration with industry alliances. "Don't be an arm of the Republican Party," Senator Ruben Gallego admonished attendees, according to witnesses. Across the aisle, Banking Committee Chair Tim Scott's team claims Democrats have withheld crucial feedback on Republican-drafted proposals.
The impasse follows November's GOP discussion draft and subsequent Democratic principles document. Neither side appears willing to compromise on Core regulatory approaches, leaving the industry in legislative limbo as 2024 elections loom.
