A group of 12 Democratic senators has introduced its own framework for crypto market structure legislation, emphasizing the need for a thoughtful, bipartisan approach. This plan aims to provide regulatory clarity, particularly for the SEC and CFTC's oversight of digital assets, ensuring consumer protection and preventing illicit finance. The Democrats call for establishing clear regulations and are cautious about the potential influence from political figures. As the Senate prepares to consider these proposals, the support of some Democrats for existing bills remains uncertain, particularly in light of concerns regarding corruption, especially regarding former President Trump’s links to the crypto industry. The framework outlines seven key pillars designed to address regulatory gaps, highlighting the need for additional resources for regulatory agencies and proposing limits on politicians profiting from digital assets during their tenure. The Senate is set to prioritize this legislation following its recess, monitoring both the Democratic framework and the Republican-led Responsible Financial Innovation Act, which aims for similar regulatory clarity in the crypto space.

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