Overview

• Twelve Senate Democrats led by Ruben Gallego urged “true bipartisan authorship” for a comprehensive crypto market‑structure package.
• Their seven‑pillar plan would give the CFTC full oversight of non‑security spot markets, tighten platform rules, extend AML and sanctions compliance to foreign intermediaries, scrutinize DeFi, and impose ethics bans that would bar officials and their families from profiting from tokens while in office.
• Republican leaders, including Senate Banking Chair Tim Scott, continue to advance a GOP draft that Democrats criticize for limited consultation and that envisions an SEC‑CFTC joint body on digital assets.
• Banking Committee Republicans have signaled openness to slip the schedule to late October, and some GOP members say they are not ready to move by Sept. 30, but they have not agreed to equal authorship.
• With a House version cleared in July and a crypto market valued near $4 trillion, passage this year remains uncertain given Senate math and likely House–Senate reconciliation, even as industry figures express optimism about a deal.