Senate Crypto Bill Stalls Amid Partisan Demands as House Urges Action
The Senate's bipartisan momentum on cryptocurrency market structure legislation has fractured. Democrats unveiled new demands including stricter token classification rules, anti-money laundering enforcement, and limits on stablecoin yields under the GENIUS Act—directly challenging Republican proposals.
Ethics provisions targeting public officials' crypto dealings appear aimed at Trump-linked ventures. The House, having passed its Digital Asset Market Clarity Act, now pressures the Senate to abandon revisions and adopt their framework.
Key disputes center on SEC/CFTC jurisdiction splits between banking and agriculture committees, with Democrats insisting on stronger investor protections against 'decentralization' loopholes and excessive stablecoin yields that could destabilize traditional deposits.
