Senate Republicans released a revised cryptocurrency regulatory framework bill on Wednesday with an added section intended to address public officials’ potential crypto conflicts of interest. But more work remains to be done before the measure can get to the floor.
Democratic negotiators, incensed at President Donald Trump’s wealth being turbocharged by income from his family’s crypto ventures, continued to hold back their support, at least without further tweaks.
Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis released the updated text for that chamber’s substitute amendment to a House-passed bill that would set a regulatory “market structure” for the operations and oversight of digital asset markets.
“This is another step in my years’ long journey to ensure the U.S. leads the way on digital assets,” the retiring Lummis, R-Wyo., said in a statement. “I also want to thank my Democratic colleagues for their important contributions to this draft, and express my commitment to reaching a deal in the coming days that will allow this legislation to become law.”
The measure combines a previous version approved by the Senate Banking Committee at a May markup and a separate amendment that the Senate Agriculture Committee, which shares jurisdiction, approved in January. Supporters are pushing to get a Senate floor vote before the summer recess begins on Aug. 7.
