U.S. Senate Leader Schumer Strongly Intervenes, Crypto Market Structure Bill May Regain Momentum
According to Eleanor Terrett, Chuck Schumer, the U.S. Senate Majority Leader, attended a closed-door meeting of Democrats and delivered an important speech on the legislative efforts regarding the crypto market structure bill, the 'CLARITY Act'.
A Democratic staffer disclosed that the atmosphere during the meeting was 'positive' and was considered 'the most productive Democratic meeting to date'.
Schumer emphasized the importance of continued engagement from the cryptocurrency industry and urged all parties to maintain momentum to push the legislation forward. This move indicates that although there are still disagreements between the two parties on key provisions, leadership is actively intervening to break the deadlock.
It is reported that this internal Democratic meeting followed a 'constructive' discussion hosted by the White House, aimed at addressing 'technical points' such as stablecoin yield.
Sources pointed out that while there are clear demands from Democratic lawmakers, this legislative effort, which seemed 'precarious' a few weeks ago, has not 'made progress' but is regaining momentum.
Overall, the direct mediation from the White House and the strong intervention from Senate leadership in the legislative process surrounding the cryptocurrency market structure bill have injected momentum into this negotiation and shifted the previous deadlock into a more constructive and intensive negotiation phase.
At the same time, how to resolve core conflicts such as moral clauses and stablecoin regulation remains the biggest negotiation test the bill currently faces in the Senate. Therefore, the results of negotiations in the coming weeks may directly determine the bill's final fate.