That means that any market structure bill would have to get through the Senate Banking Committee chaired by Senator Warren (who was elevated to the senior Democrat position on that committee after Fairshake helped unseat Brown in 2024) and the Agriculture Committee potentially chaired by Brown.
Any tax bill would go through the Senate Finance Committee, to be chaired by Senator Ron Wyden. It’s unclear if any would be willing to make a deal that would advance a crypto bill.
Rep. Maxine Waters, the longtime California lawmaker who’s headed up the Democrats on the House Financial Services Committee, has been working on a bill that could advance some market structure proposals, a person familiar with the effort told CoinDesk. Crypto in America first reported on the effort.
“I predict this is going to be a bill that the industry will find frustrating, but the crypto critics will find more frustrating,” this person said.
It is unlikely the bill will pass, but it will define a Democratic position on crypto markets structure regulations, they added. Issues like decentralized finance may not land where the industry wants them, but other potential provisions, such as an audit requirement, should be okay.
And in her letter to fellow Democrats in the House seeking another two years running the Financial Services Committee, Waters said part of her agenda would include “pass[ing] legislation to stop Trump’s crypto corruption, establish tough but fair rules of the road for legitimate crypto ventures, and create safeguards to protect consumers, small businesses, community banks and the financial system.”