The Democrats of the Senate offer a competing framework for the structure of the cryptographic market

A group of American Democratic senators has published its own version of the directives to influence the legislation to establish a cryptographic market structure, focusing on taking time towards a “strong and bipartite result”.

In a Tuesday opinion, 12 Democratic senators, several of which are within the banking committee, unveiled a framework of legislation on the structure of the market in response to the plans of the Republicans.

Like the latest Republican project published on September 5, the Democrats framework includes provisions for regulatory clarity and the establishment of rules by which the American Commission for Securities and Exchange (SEC) and the Commodity Futures Trading Commission (CFTC) could manage digital assets.

“We owe it to millions of Americans who participate in this market to create clear road rules that protect consumers and safeguard our markets,” wrote the senators. “We must also make sure that digital assets are not used to finance illicit activities or to align the pockets of politicians and their families.”

https://www.youtube.com/watch?v=ndkoqwegfg

With the Democrats in minority in the Senate, it is not clear if the Republicans will examine the recommendations of the framework within the framework of their plans to bring the bill on the banking committee by October, of the Agriculture Committee by November and legal by 2026.

The Republican senator Tim Scott, who chairs the banking committee, said in August that he expected democrats “between 12 and 18” to support the majority version of the bill, entitled The Responsible Innovation Act.

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“The achievement of a solid bipartite result will require time and cannot be precipitated,” wrote the 12 Democrats. “We are impatient to work on this with our republican colleagues.”

Take the current leadership shortage to the CFTC

The democratic framework, which presented “seven key pillars”, includes protections proposed to combat illicit finance and “fill the gap in the cash market” for digital assets not considered as titles. However, the document also personally called US President Donald Trump in recommendations to ensure “fair and effective regulations” in cryptographic markets.

“The design and application of a digital asset framework will require additional resources for the SEC, the CFTC and the Treasury Service,” said the proposed framework. “In addition, President Trump dismissed countless Democratic commissioners with independent regulatory organizations and has shown little interest in the appointment of new civil servants.”

The management of the CFTC is currently made up of a commissioner, the acting president Caroline Pham, after the departure of all the other chiefs of the agency this year. The Senate should examine the appointment of Brian Quintenz, the choice of Trump to replace Pham as president.

Pham said she would leave the CFTC after the Senate confirms a replacement. Trump had not named anyone else on Tuesday to fill the four remaining seats at the Commission.