The Senate’s crypto market structure fight is heading toward a key procedural vote with no clear deal in sight.
Republicans released what they called the final 635-page proposal, including ethics restrictions accepted by President Donald Trump. The provisions would limit crypto-related dealings by certain officials and their spouses.
Democrats remain unhappy with the ethics language and plan to send a counterproposal just hours before the vote. Senator Cynthia Lummis, one of the bill’s main negotiators, says Democrats are still asking for more after more than five years of work.
Opposition is also growing outside Congress. New York Attorney General Letitia James is leading 17 bipartisan attorneys general urging senators to reject the legislation.
The political fight matters, but Wall Street’s crypto expansion is moving on its own track. Banks, brokers and asset managers have already gone far enough into digital assets that a failed bill could slow adoption without stopping it. The vote may decide the bill’s path, while the market keeps building around Washington’s delays.