Senator John Kennedy, a Republican member of the Senate Banking Committee, has raised significant concerns regarding the advancement of a much-anticipated cryptocurrency market structure bill.
In recent remarks, Kennedy emphasized that lawmakers should not fast-track the process of passing the bill, casting uncertainty over the timeline promised by Committee Chair Tim Scott.
Concerns Over Readiness For Crypto Market Structure Bill
According to a report by POLITICO, Kennedy articulated his apprehensions during a discussion about the bill, stating, “I don’t think we’re ready.” He noted that many stakeholders, including himself, still have numerous questions about the proposed legislation.
Scott and other Republicans, including pro-crypto Senator Cynthia Lummis, have championed the bill and are eager to see it pass by the end of the month.
A spokesperson for Senator Scott defended the push for the bill, asserting that advancing a clear, bipartisan framework for digital assets is long overdue.
This sentiment highlights the urgency felt by some lawmakers, especially given that the original Responsible Financial Innovation Act was introduced by Senators Cynthia Lummis and Kirsten Gillibrand back in 2022.
Since then, there has been ongoing work towards a September markup, incorporating extensive feedback from approximately 160 stakeholders.
Bipartisan Support Emerges
The legislation aims to clarify the regulatory landscape for cryptocurrencies by de
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Author: Ronaldo Marquez
