🟠 BREAKING NEWS — News Flash from New York City, 9:58 PM
In a fast‑moving developing story, Senators Chuck Grassley and Dick Durbin have issued an urgent warning over Senator Tim Scott’s proposed crypto market‑structure bill, raising alarms about a key section that could exempt certain blockchain developers from financial licensing rules 🚨.
According to their private letter, the lawmakers argue that Section 604 may significantly weaken enforcement tools used to combat illicit finance, especially in cases resembling the controversial Tornado Cash prosecution, and emphasize that their committee was not consulted on language that falls “squarely within” their jurisdiction. [finance.yahoo.com], [finance.yahoo.com]
This front‑page scoop highlights a widening rift in the Senate, with Grassley and Durbin insisting that the provision could open a “dangerously broad” loophole, potentially attracting criminal actors to decentralized platforms 💥.
Their intervention has already contributed to delaying the bill’s markup, adding fresh uncertainty to a legislative effort intended to clarify crypto regulation—yet now facing the possibility of major revision or removal of the disputed developer protections 🌀. [finance.yahoo.com], [cryptopolitan.com]
$SUI
As the debate intensifies, Senate committees appear locked in a jurisdictional showdown, with ripple effects now spreading across the crypto regulatory landscape. Whether the bill advances in its current form—or undergoes dramatic restructuring—remains a hot topic monitoring moment‑by‑moment 🔍🔥. [cointelegraph.com]