According to crypto journalist Eleanor Terrett, the release of a comprehensive "Crypto Market Structure Act" framework by US Senate Democrats today has sparked optimism among crypto industry professionals and some Republican leaders that reforming the cryptocurrency market structure may find a bipartisan path in the Senate. A coalition of 12 Democrats released a detailed framework, signaling their readiness to join efforts previously driven primarily by Republicans to establish clear rules for the crypto market. Senator Cynthia Lummis, a key Republican driving force, praised this bipartisan effort.

The Democratic framework is based on seven key pillars, aiming to clarify jurisdiction over tokens, strengthen oversight of trading platforms and issuers, combat illicit financial activities and conflicts of interest, and provide regulators with more enforcement resources. These priorities overlap significantly with those emphasized by Republicans. The key to a bipartisan agreement lies in the details, particularly the disagreement over the extent of regulation. Republicans have historically favored lighter-touch regulations, while Democrats favor stricter rules.

It was previously reported that the Senate Banking Committee is expected to mark up revisions to the market structure discussion draft by the end of September. At the same time, the Senate Agriculture Committee will also release a draft covering the CFTC regulatory section in the near future. It is expected that the market structure bill will be signed into law by President Trump before Christmas this year.