‘Nothing is holding up this bill,’ says Democratic Sen. Gillibrand as Senate barrels forward to advance major crypto bill

Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) expressed optimism about advancing a major, sweeping cryptocurrency regulation bill, despite differing views from some colleagues like Senator Bernie Moreno who called talks "decently frustrating."

Gillibrand asserted that "Nothing is holding up this bill," noting ongoing bipartisan negotiations and a successful first meeting last week. The Senate is working on legislation similar to the House's Digital Asset Market Clarity Act, with Senate Banking and Agriculture Committees drafting separate bills that aim to clarify jurisdiction between the SEC and CFTC and define "ancillary assets."

Lummis mentioned that negotiations involve the industry and the White House, describing the process as "three-dimensional chess." A key sticking point involves ethics provisions sought by Democrats to limit profits by elected officials and their families from digital assets, which Lummis noted the White House found unacceptable in an initial draft. The goal is to share a draft by the end of the week, hold a hearing next week, and potentially get the bill to the President's desk by early 2026.

(Source：The Block)