Democrats demand scrutiny of cryptocurrency regulation to balance power

Unless the cryptocurrency market structure bill includes a bipartisan representation of the SEC and CFTC and stablecoin safeguards, Senate Democrats may object to the bill. The Senate Banking Committee, led by Republican Tim Scott, plans to complete the draft by September, but Democrats warn that hasty passage could hurt bipartisan negotiations. The bill is based on the GENIUS Act, which establishes federal stablecoin regulation, including 1:1 Treasury support and transparency requirements. Without these provisions, the bill could lose Democratic support, affecting its legislative prospects and a broader framework for digital assets regulation.