Overview

• Twelve Democratic senators led by Ruben Gallego issued a Sept. 19 statement insisting on bipartisan drafting for a comprehensive market‑structure bill.
• Democrats outlined a seven‑pillar framework that would give the CFTC clear authority over spot markets for non‑security digital commodities.
• The plan extends anti‑money‑laundering obligations to all intermediaries, including foreign firms serving U.S. users, and brings DeFi under compliance scrutiny.
• Ethics provisions would bar elected officials and their families from issuing or profiting from tokens while in office and require disclosure of digital‑asset holdings.
• Republicans signaled openness to Democratic input with talk of an October markup, but conflicting targets and House–Senate reconciliation needs keep year‑end passage uncertain, even as industry leaders voice cautious optimism.