📅 January 26
Just when it seemed the United States was days away from passing the most important law in cryptocurrency regulatory history, bipartisan negotiations in the Senate unexpectedly broke down. Now, racing against the clock and before a crucial hearing this week, Democratic advisors say they are still willing to return to the negotiating table.
📖Since November, the team of Republican Senator John Boozman, chairman of the Agriculture Committee, worked in close coordination with Democratic lawmakers to draft a bill with bipartisan language outlining how regulatory functions would be divided between the SEC and the CFTC, as well as establishing disclosure requirements for the cryptocurrency market.
For weeks, according to the Democratic advisor himself, they met “with every possible stakeholder, from nine to five,” refining a document they considered an example of cooperation in Washington.
But upon returning from the year-end recess, the Democrats were met with a surprise: the Republican team had rewritten the text without them and planned to bring it to a vote on January 15.
This abrupt change shattered the dynamic of trust. Although the Agriculture Committee is seen as more collaborative than the Banking Committee, the new draft was released last week without Democratic support. Some lawmakers introduced amendments, including one related to the Trump family's crypto interests, but the lead Democratic negotiators refused to participate in the process.
Even so, they maintain that an agreement is “very close” and that they only need to return to the previous bipartisan path to finalize it before the vote scheduled for this Thursday.
Meanwhile, pressure is mounting from the White House. Presidential advisors have insisted that the bill must be passed soon to avoid losing the political momentum favoring cryptocurrencies. Analysts in Washington warn that, without this legislation, the US crypto market will continue to operate with a “structural risk premium” due to the lack of regulatory clarity.
Topic Opinion:
The most delicate issue is not that the bill will be delayed, but that trust will be broken among the teams that have been building something historic. This law needs to be bipartisan to have legitimacy and durability. If a vote is forced without consensus, the result could be a fragile, easily challenged, and politically vulnerable law. And that would be worse than having no law at all.
💬 Do you think this crypto bill should pass even if it's not bipartisan?
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