Senate Republicans Forge Ahead on Crypto Market Structure Framework

Republican senators working on a new framework for digital assets legislation, riding the positive bipartisan wave in the Senate as of late. This announcement follows the Senate’s passage of a bill to regulate stablecoins last week. It was passing with overwhelming bipartisan support.

Senators Tim Scott, Cynthia Lummis, Thom Tillis, and Bill Hagerty are the primary authors of this effort. They promise to expand sound market structure for digital assets to the whole marketplace. Their framework would help fill gaps by offering much-needed clarity and regulatory certainty to the growing crypto industry.

Lummis reinforced the idea that the United States must stay competitive on an international front as more countries and companies enter the digital asset space.

"America desperately needs digital asset legislation that promotes responsible innovation and protects consumers." - Cynthia Lummis

Tillis and Hagerty are leading the way in creating an overall market structure framework. Hagerty urged the administration to fill the regulatory void that has stalled innovation.

"For too long, a lack of clear regulatory authority has forced digital asset innovation beyond our borders and subjected issuers, exchanges, and developers to crippling uncertainty." - Bill Hagerty

The Senate’s recent stablecoin bill garnered support from nearly all Republicans and 18 Democrats, signaling a growing bipartisan interest in digital asset regulation. Lummis is convinced that a rationally-designed market structure will both reinforce the U.S. economy and protect U.S. consumers.

Donald Trump supports House passage of the Senate’s stablecoin bill based on his recent calls-in-the-dark via Truth Social. This coincides with increased momentum in the industry for a clear regulatory framework. Just in May he wrote an op-ed calling for the House to act “LIGHTNING FAST” on the Senate’s stablecoin bill.

Along with Senators Lummis and Tillis, Hagerty has been working on a digital assets framework. This new framework must address issues of consumer protection and market integrity.