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Galaxy Research Head: US Bipartisan Talks Crypto Market Structure Bill, Democrats Push for Front-End Compliance in DeFi
BlockBeats News, January 7th, Galaxy Research Director Alex Thorn shared the latest developments on the cryptocurrency market structure bill at the X Platform: "Today, a bipartisan meeting was held to discuss the key demands put forward by the Democratic and Republican parties to advance the bill. We reviewed a key document formed during this meeting.
The Democratic Party's main demands in the DeFi sector include: front-end compliance with sanction requirements; granting the Treasury Department greater 'extraordinary measures' authority; establishing regulatory rules for 'non-decentralized' DeFi.
Other demands of the Democratic Party also include: adjusting the classification of crypto assets; introducing new investor protection clauses for cryptocurrency ATMs and FTC consumer protection; adding anti-evasion clauses (to prevent circumvention of securities laws or other regulatory requirements through loopholes); setting a cap of $200 million for issuer fundraising and requiring protocol parties to proactively declare to the SEC, explaining that it does not constitute a security."
Issues still to be further discussed include the regulation and treatment of stablecoin yields; ethical standards and conflicts of interest. Republicans are pushing for the Senate Banking Committee to review the bill next Thursday (January 15th). It is currently unclear whether the two parties can reach a consensus to make it a bipartisan bill, as many issues remain unresolved.
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