US Senator Moreno: Crypto legislation negotiations "quite frustrating," with disagreements remaining over cross-agency regulatory responsibilities.

Odaily Planet Daily reports that negotiations in the U.S. Congress regarding the cryptocurrency market structure bill are progressing poorly. Senator Bernie Moreno stated that the discussions over the past few weeks have been "quite frustrating," and emphasized his unwillingness to push through a flawed bill in order to meet deadlines. He plans to meet with Democratic lawmakers this Tuesday to understand their position.

Despite the passage of a stablecoin regulatory bill in the US this year, a more comprehensive "crypto market structure bill" remains stalled. This type of bill aims to clarify the regulatory boundaries between the SEC and CFTC and establish a unified framework for investor protection. The House of Representatives passed its version, the Clarity Act, in July, while the Senate version is still being drafted. While the overall direction is not contradictory, the legislative process is more complex in the Senate.

Moreno's draft bill on the Senate Banking Committee proposes establishing a new classification for "ancillary assets" to clarify which crypto assets are not securities and to delineate the regulatory responsibilities of the SEC and CFTC. Simultaneously, the Banking Committee would need to collaborate with the Senate Agriculture Committee, which recently introduced a draft bill to expand the CFTC's authority.

Senate Banking Committee Chairman Tim Scott revealed at the "Crypto Christmas" event that the committee might hold a bill review meeting on December 17 or 18, but several senators indicated that progress might be affected by the holidays. Senator Mark Warner pointed out that the committee is still awaiting the White House's comments on quorum and ethics clauses.

Furthermore, disagreements remain regarding issues such as bank stablecoin yield arrangements and DeFi regulatory approaches in the draft bill. Some Democratic lawmakers are also concerned about potential conflicts of interest involving incumbent President Trump in his own crypto projects. Bloomberg previously estimated that the Trump family earned approximately $620 million through DeFi project World Liberty Financial, stablecoin businesses, and its 20% stake in mining company American Bitcoin, among others. Related memecoins (TRUMP, MELANIA) have also drawn attention from lawmakers. (The Block)