TechFlow, on October 14, according to Theblock, the Senate is making slow progress in passing cryptocurrency market structure legislation, which may not be approved until after the midterm elections.
Jaret Seiberg, head of TD Cowen's Washington Research Group, said Republicans and Democrats are negotiating over regulation of the crypto industry, but progress has been difficult. Republicans on the Senate Banking Committee have proposed a bill aimed at allocating jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and creating a new term "ancillary assets" to clarify which cryptocurrencies do not qualify as securities.
Last week, Senate Democrats released a six-page proposal designed to prevent illegal activities in the decentralized finance space, but it faced strong opposition from Republicans and the cryptocurrency industry. Seiberg noted that the real obstacle for Democrats is their proposal to ban senior government officials and their families—including the President—from owning cryptocurrency companies.
