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Crypto Market Structure Bill: Democrat Senators Push For Bipartisan Authorship

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After the Senate Banking Committee advanced the GOP-led legislation on the crypto market structure, a growing number of Democratic senators have stepped forward to demand the chance to actively contribute to one of the most potentially important digital asset regulations. This development comes as the crypto regulatory framework remains center stage in the US Congress, following President Donald Trump’s adoption of a crypto-friendly administrative stance.

Crypto Structure Bill Gathers Traction

Notably, the present crypto market structure bill is led by Republican senators, including Senate Banking Chair Tim Scott (R-S.C.), along with Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio). The updated discussion draft of the “Responsible Financial Innovation Act of 2025” was released in early September, introducing some key changes that sparked public interest. ‘

One of these changes is the proposal of a joint regulatory committee involving the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as 14 non-government members from across the industry, academia, user base, and the National Institute of Science and Technology.

However, on September 9, popular crypto critic and Democrat Senator Elizabeth Warren (D-MA) shared heavy criticism of the GOP-led bill, citing a lack of sufficient consultation with Democrats or disclosure of industry feedback. She argues that partisanship and lack of transparency threaten both the integrity and effectiveness of the legislation. Following this development, the Democrats have since released their own version of the cryptocurrency regulatory framework, backing their call for bipartisan authorship.

The Demand For Shared Authorship

In a statement released on September 19, this group of 12 Democratic senators reaffirmed their desire to be more than bystanders in the crypto structure bill. Senators Ruben Gallego (D-AZ), Mark Warner (D-VA), Kirsten Gillibrand (D-NY), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Ben Ray Luján (D-NM), John Hickenlooper (D-CO), Raphael Warnock (D-GA), Adam Schiff (D-CA), Andy Kim (D-NJ), Lisa Blunt Rochester (D-DE), and Angela Alsobrooks (D-MD) together called for a bipartisan authorship process matching the norm for legislation of this scale.

The statement read:

Last week, we released a framework on market structure legislation, highlighting our desire to work on this issue. As we stated then, digital assets are a $4 trillion global market that will require a considered and bipartisan approach to regulation.

We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale. Given our shared interest in moving forward quickly on this issue, we hope they will agree to reasonable requests to allow for true collaboration.

The Democratic proposed framework centers around seven key pillars, including clarifying regulatory jurisdiction, integrating digital-asset issuers and trading platforms into oversight, combating illicit finance and corruption, promoting fair regulation, and closing gaps in how non-security digital assets are regulated.

At press time, the total crypto market cap remains valued at $4.03 trillion following a 0.34% gain in the past day.

Total crypto market valued at $3.99 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Flickr, chart from Tradingview

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Cameron and Tyler Winklevoss at the White House on July 18, 2025. (Jesse Hamilton/CoinDesk)
Crypto Trends

Senators Still Hopeful for Crypto Market Structure Law by End of Year

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The U.S. Senate’s market structure bill should pass by the end of the year, leading lawmakers working on the effort said Wednesday, though efforts on this bill will likely push beyond the Sept. 30 deadline previously set by the Senate Banking Committee’s head.

“I don’t want to put an artificial deadline on anything,” said Senator Kirsten Gillibrand (D-N.Y.), speaking at CoinDesk’s Policy and Regulation event in Washington, D.C. “We’re in the middle of negotiations about whether we’re going to have a bipartisan budget, so the most important issue that Congress has to deal with right now is the fiscal cliff.”

The question of timing has loomed large in the market structure work, with President Donald Trump having initially set an August deadline to have all the congressional crypto work on his desk. That optimistic deadline slipped first to the end of September, when Senate Banking Committee Chairman Tim Scott had said he wanted to have the market structure work done.

That deadline now still holds for part of the job, said Senator Cynthia Lummis, the Wyoming Republican who heads the panel’s crypto subcommittee. She said she hopes to have the Banking Committee’s work on it finished by then, but that will still leave the other necessary committee — Senate Agriculture — catching up in October, she added. While Lummis has previously mentioned Thanksgiving as a target, she said on Wednesday that “might be too optimistic.”

“It’s really important to me that we get this done by the end of the calendar year,” Lummis said. “It’s like being pregnant for four years, you know. Please, let it happen.”

Ethics concerns

A group of Senate Democrats published a list of priorities they wanted to see included in any market structure bill, ranging from consumer protections to regulators’ jurisdictions.

“What it allows for is an understanding that this is going to be bipartisan,” Gillibrand said, adding that Democrats may have different perspectives on issues like on- and off-ramps for decentralized finance and consumer protections.

One of the Democrats’ pillars would, if implemented, bar lawmakers including the president and vice president’s families from profiting off of crypto projects. Gillibrand said it was important to have an ethics component to prevent any appearance of self-dealing or breaches of the Emoluments Clause.

“I think it’s important to have this lens of ethics,” Gillibrand said. “It’s something that really undermines the entire industry.”

However, she added that at this point in the negotiations process, there was no “line in the sand” for Democrats. “It’s very important to me and I’d like to get the best ethics provision that’s possible.”

Lummis, speaking after the panel, said she would rather see any effort to restrict crypto trading by elected officials be its own separate effort, and potentially combined with securities and other investments, because she argued that cryptocurrencies shouldn’t warrant distinct treatment.

“I think that we’re going to have to have a dialogue with Democrats who are concerned about this president and future presidents’ participation,” she said.



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