After long discussions on the Financial Innovation and Technology Act (also known as the market structure bill), it passed the vote. Unprecedentedly, this bill received support from both parties with a margin of 35-15.
Gensler is struggling to gain support within his own party for the statement that all tokens are securities, especially in response to the six Democrats who said “no need for legislation”.
The second bill was about Stablecoins. The Clarity Act for Payment Stablecoins faced obstacles from the White House. While an agreement was expected between McHenry and Waters, the process reached an impasse. After prolonged discussions, the bill was approved. Despite the White House’s objections, the fact that some Democrats supported it, mostly senior members, tells us something. There may be a surprising bipartisan cooperation in the Senate.
Among all these votes and discussions, the next step is the actual voting for the bills that have passed the committees. The next step is for these bills to be presented to the House of Representatives for a vote, which will happen in the fall.
These bills aim to solve many problems related to cryptocurrencies. For example, it is important for stablecoin issuers to have the qualifications to protect investors. The pathway for altcoins stamped as securities to become commodities will be opened. Apart from that, the bills have not yet taken their final form. More amendment requests may come before and during the upcoming votes in the following months.
The more support the Democrats’ amendment requests receive in the Senate (where Democrats have the majority), the higher the chances of the bill being voted on. The only issue is whether Biden will be convinced to sign the bills. Only time will tell.
Fortunately, we have finally started discussing tangible bills beyond speculative statements. This is a positive development for American cryptocurrency investors and the entire global cryptocurrency market.