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House Democrats Eye Their Own Crypto Market Structure Bill With a Bigger SEC Role After Sweep

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House Democrats Eye Their Own Crypto Market Structure Bill With a Bigger SEC Role After Sweep

Bitcoin Magazine

House Democrats Eye Their Own Crypto Market Structure Bill With a Bigger SEC Role After Sweep

House Democrats are discussing a plan to turn Rep. Maxine Waters’ Crypto Investor and Consumer Bill of Rights into their own crypto market structure bill next Congress, with ideas that include a bigger role for the SEC and a smaller one for the CFTC, Eleanor Terrett reported Wednesday.

The proposal would fold in the Democratic Clarity Act provisions Waters offered in the House, which were not adopted, plus the provisions Senate Democrats were able to agree on with Republicans before September’s failed cloture vote. Terrett cited three industry sources who have spoken with Democratic staffers.

Further ethics provisions restricting the crypto activities of President Donald Trump and other federal officials are also likely, she wrote. Republicans are calling it a “messaging bill.”

No text for the crypto market structure bill has been released, and the details so far come from industry sources rather than from lawmakers.

JUST IN: 🇺🇸 House Democrats reportedly want to revive their Clarity Act provisions in a broader crypto market structure bill next Congress, Eleanor Terrett reports. 👀 pic.twitter.com/8twokppjHz

The talks follow Tuesday’s Democratic sweep of Congress. Waters, the top Democrat on the House Financial Services Committee, is in line to take the gavel in January from Chairman French Hill, the Clarity Act’s sponsor.

Bloomberg Law reported Wednesday that the new majorities give Democrats leverage over the Clarity Act, the industry’s top legislative priority, starting with tougher ethics rules aimed at Trump’s ventures.


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