Overview

• Twelve Democrats led by Sen. Ruben Gallego issued a Sept. 19 statement urging Republicans to engage in true bipartisan authorship to move a comprehensive crypto bill quickly.
• Their seven-pillar framework would give the CFTC exclusive oversight of spot markets for non-security digital commodities while the SEC supervises tokenized securities.
• The plan adds platform registration, mandatory disclosures, custody and conflict-of-interest rules, and preserves GENIUS Act limits on interest-bearing stablecoin products.
• It extends anti-money-laundering obligations to all intermediaries serving U.S. users, including foreign firms, requires FinCEN registration and sanctions compliance, and brings DeFi under targeted oversight.
• Republicans have signaled openness to take Democratic input by late October, though internal GOP differences and a previously floated Sept. 30 timeline create uncertainty, and industry voices such as Coinbase’s CEO express guarded optimism about passage.