Democratic Senators Advocate Bipartisan Crypto Market Structure Bill

Twelve Democratic senators, led by Senator Ruben Gallego, are pushing for bipartisan collaboration on comprehensive crypto market structure legislation. The Sept. 19 statement, co-signed by Mark Warner, Kirsten Gillibrand, Cory Booker, and others, calls for "true collaboration" to address regulatory gaps that leave businesses and investors unprotected.

The proposed framework centers on seven key pillars, including granting the CFTC full jurisdiction over spot markets for digital commodities not classified as securities. This MOVE aims to resolve long-standing ambiguity between the CFTC and SEC, providing clearer oversight and restoring investor confidence.

"We hope our Republican colleagues will agree to a bipartisan authorship process," the lawmakers wrote, emphasizing the need for mutual understanding while advancing digital asset regulation. The legislation would expand the CFTC's authority with new registration and enforcement powers over crypto markets.