The Senate Banking Committee has advanced GOP-led legislation on crypto market structure, prompting more Democratic senators to seek involvement in significant digital asset regulations. This occurs as the U.S. Congress debates crypto regulation amid President Trump’s favorable stance. Republican senators like Tim Scott and Cynthia Lummis lead the bill, which proposes a joint regulatory committee involving the SEC and CFTC, along with industry representatives. Democratic senators, including Elizabeth Warren, criticize the lack of consultation and transparency, calling for bipartisan collaboration in crypto regulation.
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