After the Senate Banking Committee advanced the GOP-led legislation on the crypto market structure, a growing number of Democratic senators have stepped forward to demand the chance to actively contribute to one of the most potentially important digital asset regulations. This development comes as the crypto regulatory framework remains center stage in the US Congress, following President Donald Trump’s adoption of a crypto-friendly administrative stance.
One of these changes is the proposal of a joint regulatory committee involving the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as 14 non-government members from across the industry, academia, user base, and the National Institute of Science and Technology.
The statement read:
Last week, we released a framework on market structure legislation, highlighting our desire to work on this issue. As we stated then, digital assets are a $4 trillion global market that will require a considered and bipartisan approach to regulation.
We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale. Given our shared interest in moving forward quickly on this issue, we hope they will agree to reasonable requests to allow for true collaboration.
The Democratic proposed framework centers around seven key pillars, including clarifying regulatory jurisdiction, integrating digital-asset issuers and trading platforms into oversight, combating illicit finance and corruption, promoting fair regulation, and closing gaps in how non-security digital assets are regulated.
At press time, the total crypto market cap remains valued at $4.03 trillion following a 0.34% gain in the past day.
