In recent remarks, Kennedy emphasized that lawmakers should not fast-track the process of passing the bill, casting uncertainty over the timeline promised by Committee Chair Tim Scott.
Scott and other Republicans, including pro-crypto Senator Cynthia Lummis, have championed the bill and are eager to see it pass by the end of the month.
This sentiment highlights the urgency felt by some lawmakers, especially given that the original Responsible Financial Innovation Act was introduced by Senators Cynthia Lummis and Kirsten Gillibrand back in 2022.
Since then, there has been ongoing work towards a September markup, incorporating extensive feedback from approximately 160 stakeholders.
The legislation aims to clarify the regulatory landscape for cryptocurrencies by delineating oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Recently, a group of Senate Banking Republicans finalized a draft of the market structure bill, while the House had already passed its version, known as the CLARITY Act, in July.
Senator Kennedy described the GENIUS Act as merely a “baby step,” emphasizing that the market structure legislation represents a “full leap” that must be carefully considered.
They have emphasized that achieving a new crypto framework would require time and collaboration with the Republican Party to remove all regulatory obstacles regarding digital assets.
Despite the details yet to be worked out between the two parties, significant progress has been made in the regulatory space, as evidenced by rising prices and a bullish sentiment that has ignited a new wave of investments in the crypto space. The timeline for the passage of this bill remains to be seen.
Featured image from DALL-E, chart from TradingView.com
