The US Senate Market Structure Bill was to adopt at the end of the year, which led legislators working on the effort, said Wednesday, although the efforts on this bill are likely to push beyond the September 30 period previously set by the Senate Bank Committee’s head.
“I don’t want to put an artificial deadline on anything,” Senator Kirsten Gillibrand said (Dn.y.)Talking at Coindesk’s policy and regulatory event in Washington, DC “We are in the midst of the negotiations on whether we want a top -art budget, so the most important question that Congress has to tackle right now is the fiscal cliff.”
The question of timing is in need of market structure, where President Donald Trump originally set an August period to get all the congresscrypto work on his desk. This optimistic deadline only slipped until the end of September, when chairman of the Senates Bank Committee Tim Scott had said he would have the market structure to work.
This deadline now still has part of the job, said Senator Cynthia Lummis, Wyoming Republican, who leads the panel’s crypto sub -committee. She said she hopes to get the bank committee’s work on it completed at that time, but it will still leave the second necessary committee – the Senate Agriculture – caught up in October, she added. While Lummis has previously mentioned Thanksgiving as a goal, she said Wednesday that “maybe is too optimistic.”
“It’s really important to me that we get this done by the end of the calendar year,” Lummis said. “It’s like being pregnant for four years, you know. Please; let that happen.”
Ethics problems
A group of Senate Democrats published a list of priorities they wanted to see included in any market structure bill, ranging from consumer protection to regulators’ jurisdictions.
“What it allows is an understanding that this will be Topartsan,” Gillibrand said, adding that Democrats may have different perspectives on questions such as on and off ramps for decentralized financing and consumer protection.
One of the columns of the Democrats, if implemented, would bore legislators, including the president and the vice president’s families from taking advantage of crypto projects. Gillibrand said it was important to have an ethics component to prevent the performance of self -dealer or violations of the remuneration clause.
“I think it’s important to have this lens of ethics,” Gillibrand said. “It’s something that really undermines the whole industry.”
However, she added that at this point in the negotiation process there was no “line in the sand” for Democrats. “It is very important to me and I would like the best ethical provision that is possible.”
Lumming, which spoke after the panel, said she would rather see any effort to limit crypto trade from elected officials be her own separate efforts and potentially combined with securities and other investments because she argued that Cryptocurrencies should not justify clear treatment.
“I think we will have to have a dialogue with Democrats who are concerned about the participation of this president and future presidents,” she said.
