Senator Mark Warner recently spoke at MoonPay’s New York office about the current status of the crypto market structure bill, stressing that passing it before the Christmas break will be extremely challenging.
The main reason is that key language from the White House is still missing for two critical sections of the bill: ethics provisions and quorum requirements.
Warner explained that there is a broader tension about who is driving the legislation.
At some point, Republican lawmakers will have to clarify whether they see this as a White House-led initiative or a Congressional decision.
He also stressed that both his team and Republican staffers are engaged in intensive daily discussions, putting in hours of work to negotiate the details.
He is confident that the bill will eventually be completed, but emphasized that careful deliberation is necessary to ensure it is structured correctly.
More obstacles
At the same time, some members of Congress are pushing for national‑security safeguards in the legislation. For instance, Elizabeth Warren and Jack Reed recently pressed the Department of Justice and the U.S. Department of the Treasury to scrutinize crypto ventures. They have specifically raised concerns about possible token sales to entities linked to illicit actors.
