Senate Pushes for Vote on Updated Crypto Regulations Amid Party Discord

Crypto industry leaders are urging the Senate to quickly vote on the updated Digital Asset Market Clarity Act, which merges two previous versions into a single bill. The text, released by Chair Cynthia Lummis, spans 616 pages and is seen as a major step towards clear regulations for digital assets.

While some Democrats have expressed concerns about the ethics package, which prohibits government officials from issuing or sponsoring digital assets while in office, others have praised the bill's bipartisan compromise. 'This is another step in my years-long journey to ensure the U.S. leads the way on digital assets,' Lummis said.

Coinbase CEO Brian Armstrong called for a full Senate floor vote, stating that the bill represents a true bipartisan compromise and is 'ready' for passage. The company's Chief Policy Officer, Faryar Shirzad, highlighted key provisions such as 1:1 customer asset segregation rules and federal AML standards.