Catenaa, Friday, September 26, 2025- Twelve Senate Democrats are pressing for a greater role in shaping a Republican-led crypto market structure bill, warning that legislation for the $4 trillion digital asset market should be crafted through a bipartisan process.
The lawmakers, including Senators Kirsten Gillibrand, Cory Booker, Ruben Gallego, and Mark Warner, urged their Republican colleagues to ensure equal input from both parties before advancing the bill.
They emphasized that digital assets require carefully considered oversight to protect investors, close regulatory gaps, and prevent illicit activity.
Democrats released a policy framework outlining seven principles, including clarifying SEC and CFTC jurisdiction, mandating platform registration, and establishing clear rules for non-security tokens.
Republicans, led by Banking Committee Chairman Tim Scott, initially set a September 30 deadline for committee markup, though aides now suggest it could be delayed until mid-October to accommodate Democratic input.
The draft bill proposes a joint SEC-CFTC committee to harmonize guidance and expand CFTC authority over certain spot markets. Democrats are seeking deeper involvement in drafting rather than simply providing feedback on the Republican-written version.
The legislative push comes amid waning public confidence in the CLARITY Act. Polymarket data indicates only 39% of bettors expect the bill to pass by year-end, down from 87% in mid-July.
Senate divisions, concerns over industry influence, and partisan disagreements over related stablecoin and CBDC measures have slowed progress. Republican lawmakers, including Sen. Cynthia Lummis, stress balancing innovation with investor protection, but the bill’s path to passage remains uncertain.
