U.S. lawmakers face challenges in developing a comprehensive crypto bill that outlines the roles of agencies such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This obstacle arises despite their approval of a law specifically designed for stablecoins this summer.
As the lawmakers seek to develop a bill that would establish clear regulations for the crypto market and safeguard clients, Ohio Republican Senator Bernie Moreno expressed his disapproval with the recent bill talks. According to him, a discussion on a bill to oversee the crypto industry is “somewhat frustrating.”
Meanwhile, sources close to the situation hinted that Democrats and Republicans are set to meet on Tuesday, December 9.
Discussions in a broader bill spark concerns in the crypto industry
During the Blockchain Association Policy Summit held in Washington, D.C. on Monday, December 8, Moreno highlighted the ongoing discussion regarding what should be included in a broader bill. The United States Senator argued, “I don’t want to push through a bad bill just to say we passed something.” According to him, there is no better deal than a bad deal.
The following day, Moreno announced his intention to meet with Democrats. When reporters inquired about the reason behind this meeting, the Senator mentioned that they would give these democrats room to weigh in on their point of view on this discussion. However, he complained that over the past few weeks, their opinions have been pretty annoying.
In the meantime, reports noted that the House and Senate are developing different versions of a market structure bill that must be reconciled.
Notably, the House approved its version of a bill in July. This bill, known as the Digital Asset Market Clarity Act or Clarity for short, focused on regulating the crypto ecosystem. Following this approval, reports noted that passing bills in the Senate poses a greater challenge than in the House.
Regarding Moreno’s concerns about recent bill talks, analysts discovered that the Senator is a member of the Senate Banking Committee. This committee plays a crucial role in drafting its own version of a crypto market structure bill.
Under the leadership of Republicans, it managed to create a draft that aims to define jurisdiction between two key agencies in the crypto industry: the SEC and CFTC. This draft also seeks to introduce a new term to categorize ancillary assets. This term will clarify which type of cryptocurrencies are not viewed as securities.
To achieve these goals, sources suggested that the Senate Banking Committee should collaborate with the Senate Agriculture Committee. This proposal was raised after last month’s reports highlighted that the Agriculture Committee shared a draft law that would give new power to the CFTC. Both bills must undergo an important process to implement changes before they can be made available for voting during congressional hearings.
Uncertainties surround the upcoming committee’s markup hearing
Following the existence of the two bills, a reliable source shared an audio made last week, revealing that Tim Scott, the Chair of the Senate Banking Committee and a Republican from South Carolina, assured the audience at a “Crypto Christmas” event that there is a practical way to have the committee’s markup hearing on December 17 or 18.
However, Senator Mark Warner, a Democrat from Virginia, insisted that it would be difficult to finalize the markup hearing before the holidays. Warner made this statement during a discussion with Eleanor Terrett of Crypto In America.
According to him, what they are waiting for at the moment is guidelines from the White House on matters concerning quorum and ethics. Notably, Warner is also a member of the Senate Banking Committee. Crypto In America initially hinted at the expected timing of the markup.
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