Bipartisan Negotiations Fail to Reach Agreement, Democrats Remain Divided on BRCA Provisions

Odaily reported that according to crypto journalist Eleanor Terrett, sources said a small group of bipartisan senators in the U.S. Senate held consultations on the last night, attempting to push Democrats for concessions on at least two outstanding issues, but ultimately failed to reach an agreement.

Senator Cynthia Lummis stated that both sides have reached consensus on "99%" of the bill's content, hoping Democrats would continue to resolve the remaining issues after the bill passes committee review; otherwise, if another event similar to FTX occurs in the future, "they will only have themselves to blame."

The report said that Democratic Senators Adam Schiff and Ruben Gallego have been pushing for a compromise on clauses related to ethics and conflict of interest involving the president's family before the committee review, setting it as one of the conditions for supporting the bill.

Additionally, some Democratic lawmakers have raised concerns about provisions in the . These provisions aim to prohibit prosecuting non-custodial software developers under money transmission laws.

Sources said that while both sides have made substantial progress on ethics and conflict of interest issues, disagreements over the BRCA amendments ultimately led to the breakdown of negotiations. The market now generally expects the upcoming committee review to be highly partisan.