According to Senator Tim Scott, Chairman of the Senate Banking Committee, the passage of the upcoming cryptocurrency market structure bill could face significant challenges due to strong opposition from Senator Elizabeth Warren.
Controversy and votes
While the #GENIUS Act on stablecoins has passed with the support of 18 Democratic senators, Senator Scott estimates that the number of Democrats supporting this market structure bill could be much lower, ranging from just 12 to 18 votes. He points out that Elizabeth Warren is 'a real force' obstructing the effort to garner support from Democratic members.
Senator Warren has strongly opposed this bill, arguing that it not only affects cryptocurrencies but could also 'overturn the entire regulatory framework' of the U.S. She believes the bill will create a 'super highway' for traditional securities to escape the oversight of #SEC , jeopardizing the current capital market system.
The difficult road ahead
For the bill to pass in the Senate, at least 7 Democratic Senators need to join the 53 Republican Senators. Senator Scott is working to rally other Democratic members outside his committee to seek support.
Although the House has passed its own version of the bill, the #CLARITY Act, the path ahead remains very challenging. The final outcome will depend on the persuasive ability of lawmakers who support crypto and the level of influence of the opposing side, led by Senator Warren.