The US crypto industry is intensifying its lobbying efforts in the Senate to push for the committee's vote next week to pass the market structure bill...
TL;DR
The US crypto industry is ramping up lobbying to pass a market structure bill, with key Senate committee votes set for January 15th. The bill aims to clarify SEC and CFTC regulatory powers, but disagreements persist on issues like stablecoin interest rates.
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According to Foresight News , citing The Hill, the crypto industry is intensifying its lobbying efforts to push the market structure bill over key hurdles. Both the Senate Banking Committee and the Agriculture Committee are scheduled to vote on the bill on January 15th. To demonstrate industry support, the trade association The Digital Chamber is organizing a meeting on Thursday with over 50 industry players, including Crypto.com, Binance.US, Cardano, CoinFlip, Bitcoin Depot, and eToro, to meet with senators.
The bill aims to clearly define the regulatory powers of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Republicans have submitted a final proposal to Democrats, but disagreements remain on core issues such as ethical rules, quorum for regulatory agencies, and interest rates on stablecoins. The banking association is calling for the bill to address these "loopholes" and explicitly prohibit stablecoin issuers and their partners from paying interest.