Crypto Market Bill Faces Further Delays

Crypto Market Bill Stalled Again

The crypto market structure bill, which aims to regulate the cryptocurrency industry, is encountering significant delays, according to Senator Mark Warner. He highlighted the challenges of passing the bill before the Christmas break due to the absence of essential language from the White House.

Key Takeaways

Senator Mark Warner has indicated that the crypto market bill is unlikely to pass before the Christmas holiday.
Missing language from the White House regarding ethics provisions and quorum requirements is causing delays.
Tensions exist over whether the legislation is a White House initiative or a Congressional effort.
Daily discussions are ongoing among lawmakers to negotiate the bill's details.
There are calls from members of Congress for national-security measures related to cryptocurrencies, raising concerns about illicit activities.

Ongoing Challenges for the Crypto Market Bill

Senator Mark Warner recently addressed the current situation surrounding the crypto market structure bill while speaking at MoonPay’s New York office. He noted that getting the bill passed before the Christmas break is likely to be very difficult.

The primary issue is that the White House has not provided key language needed for two important sections of the bill: ethics provisions and quorum requirements.

Warner commented on the existing tensions regarding who is leading the legislative efforts. He mentioned that at some point, Republican lawmakers will need to clarify whether they view this initiative as being led by the White House or as a decision made by Congress.

He emphasized that both his team and Republican staffers are involved in intensive daily discussions, dedicating significant hours to negotiate the details of the bill. While he remains optimistic about the eventual completion of the bill, he stressed that thorough deliberation is essential to ensure it is correctly structured.

In addition, certain Congress members are advocating for national-security protections to be included in the legislation. For instance, Elizabeth Warren and Jack Reed have urged the Department of Justice and the U.S. Department of the Treasury to closely examine crypto ventures, particularly in relation to potential token sales involving entities with connections to illicit activities.