The bill on the structure of the US Senate market is expected to adopt by the end of the year, the main legislators working on the effort declared on Wednesday, although the efforts on this bill probably postpone the deadline of September 30 previously established by the head of the Senate banks committee.
“I don’t want to put an artificial deadline for anything,” said senator Kirsten Gillibrand (Dn.y.)Speaking during the political and regulatory event of Coindesk in Washington, DC “We are in the midst of negotiations to find out if we will have a bipartite budget, so the most important question that Congress must face the time is the tax cliff.”
The question of the calendar took advantage of the magnitude in the work of the structure of the market, President Donald Trump having initially established a deadline of August so that all the crypto work of the congress on his desk. This optimistic deadline slipped the first at the end of September, when the president of the senatorial banking committee, Tim Scott, said that he wanted the work structure work to be done.
This deadline is now part of the work, said senator Cynthia Lummis, the Wyoming Republican who directs the subcommittee of panel cryptography. She said that she hoped that the work of the banking committee was completed by then, but that will always leave the other necessary committee – the agriculture of the Senate – catching up in October, she added. Although Lummis has already mentioned Thanksgiving as a target, she said on Wednesday that “could be too optimistic”.
“It is really important to me that we do this at the end of the calendar year,” said Lummis. “It’s like being pregnant for four years, you know. Please let it happen.”
Ethical problems
A group of Senate Democrats has published a list of priorities they wanted to see included in any bill on market structure, ranging from consumer protections to regulatory jurisdictions.
“What it allows is to understand that it will be bipartite,” said Gillibrand, adding that Democrats can have different prospects on issues such as ramps on and outdoor for decentralized finances and consumer protections.
One of the pillars of the Democrats was, if it was implemented, prohibit legislators, including the president and families of the vice-president to take advantage of cryptographic projects. Gillibrand said it was important to have an ethical component to prevent any appearance of self-dicoling or violations of the Emoluments clause.
“I think it is important to have this objective of ethics,” said Gillibrand. “This is something that really undermines the whole industry.”
However, she added that at this stage of the negotiation process, there was no “line in the sand” for the Democrats. “It’s very important to me and I would like to get the best possible ethical provision.”
Lummis, speaking after the panel, said that she preferred to see any effort to restrict the cryptography trade by elected officials being her own distinct efforts, and potentially combined with titles and other investments, because she argued that cryptocurrencies should not justify a separate treatment.
“I think we are going to have a dialogue with the Democrats who are concerned about this president and the participation of future presidents,” she said.
