The Democratic Party of the United States Senate recently proposed a preliminary framework for the "Crypto Market Structure Act," which has sparked a positive response within the crypto industry and among some Republicans. This framework is jointly promoted by 12 Democratic senators, indicating that the Democratic Party is also beginning to take an active role in establishing clear rules for the digital currency market.

Republican senator Cynthia Lummis publicly expressed her appreciation for this bipartisan movement, believing that the two parties are finding common ground on crypto regulation.

The framework revolves around seven core pillars, primarily including clarifying the legal jurisdiction of tokens, strengthening regulatory requirements for cryptocurrency exchanges and issuers, preventing illegal financial activities and conflicts of interest, and equipping regulatory agencies with more adequate law enforcement resources.

Although both parties agree on the overall direction, there are still differences on specific regulatory intensity and other details, which will become key points in subsequent negotiations. It is expected that the Senate Banking Committee will revise the market structure draft by the end of September, and the Agriculture Committee will soon announce related drafts involving CFTC functions.

Some analysts believe that if progress goes smoothly, this market structure bill is expected to be officially enacted by Trump before Christmas.