According to ChainCatcher, Galaxy Research Director Alex Thorn shared the latest developments of the Crypto Markets Structure Bill on the X platform: "A bipartisan meeting was held today to discuss the core demands put forward by Democrats and Republicans to advance the bill. We reviewed a key document resulting from this meeting."
The Democrats' main demands regarding DeFi include: requiring front-end compliance with sanctions regulations; granting the Treasury Department greater authority for "special measures"; and developing regulatory rules for "non-decentralized" DeFi. Other demands include: adjusting the classification of crypto assets; introducing new investor protection provisions for crypto ATMs and FTC consumer protection; adding anti-circumvention provisions (to prevent the exploitation of loopholes to circumvent securities laws or other regulatory requirements); setting a cap of $200 million for issuers; and requiring protocol parties to proactively report to the SEC that their agreements do not constitute securities.
Issues still under discussion include the regulation and handling of stablecoin yields; ethical considerations; and conflicts of interest. Republicans are pushing the Senate Banking Committee to consider the bill next Thursday (January 15). It remains unclear whether the two parties can reach a bipartisan agreement to make it a bipartisan bill, as many issues remain unresolved.
