Senator Lummis Negotiates Crypto Bill Amid White House Pushback
- Senator Cynthia Lummis is working on a bipartisan crypto market structure bill, facing resistance from the White House regarding ethics provisions.
- Lummis and Senator Ruben Gallego proposed ethics language aimed at preventing top officials from profiting from industries they oversee, particularly targeting President Trump’s crypto businesses.
- The White House has requested revisions to the proposed language, stating it was “unacceptable.”
- Lummis anticipates revealing a working draft of the bill by the end of this week, with formal markup scheduled for next week.
- The negotiations are crucial as they involve key regulatory bodies like the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The ongoing discussions highlight significant challenges in aligning bipartisan interests while addressing ethical concerns within the crypto industry. With weeks of closed-door talks, there is growing anticipation for a comprehensive legislative product that tackles issues not addressed in previous bills.
As negotiations progress, Lummis emphasizes that revealing a draft is essential as they enter critical final stages of deliberation over this pivotal legislation.(Source)
