Senate Advances Crypto Bill Amid Bipartisan Tensions Over Oversight

The U.S. Senate is moving forward with a contentious crypto market structure bill, sparking debates over transparency and regulatory balance. Senator Elizabeth Warren (D-MA) has criticized Republicans for drafting a 182-page proposal without Democratic input, warning of lobbyist-driven advantages in the industry. "Instead of working with us, Republicans have produced partisan drafts reflecting secret feedback from industry," Warren said, calling for bipartisan collaboration.

In response, Democrats released a six-page framework outlining seven regulatory priorities, including consumer protections and clearer jurisdiction between the SEC and CFTC. Pro-crypto Democrats like Kirsten Gillibrand and Cory Booker endorsed the plan, emphasizing innovation alongside investor safeguards. The divide highlights the challenges of crafting comprehensive legislation for the rapidly evolving crypto sector.