Senator Moreno Calls Crypto Bill Negotiations “Quite Frustrating” as Senate Races to Meet Year-End Goals

[US Senator Moreno says crypto bill negotiations are “quite frustrating” as Senate pushes for year-end goals] In recent weeks, negotiations on a comprehensive regulatory bill for the crypto industry have been “quite frustrating,” said Ohio Republican Senator Bernie Moreno. Democrats and Republicans are scheduled to meet on Tuesday. While US lawmakers passed a stablecoin regulatory bill this summer, there is still resistance to a broader crypto market structure bill—which aims to clarify regulatory authority between the SEC and CFTC and implement consumer protections.

At the Blockchain Association Policy Summit held in Washington, D.C. on Monday, Moreno outlined what should be included in this larger-scale bill. “I don’t want to push through a bad bill just so we can brag that we passed something,” Moreno said, adding, “Sometimes no deal is better than a bad deal.”

Moreno plans to meet with Democrats on Tuesday morning. “We’ll see what they have in mind, but the past few weeks have been quite frustrating,” he said.

Both chambers of Congress—the House and the Senate—have different versions of the market structure bill that still need to be reconciled.

The House passed its version of the crypto industry regulatory bill, called the Financial Innovation and Technology for the 21st Century Act, in July. While there are no fundamental differences in the Senate’s proposal, it is generally more difficult to pass bills in the Senate than in the House.

Moreno sits on the Senate Banking Committee, which is drafting its own version of the crypto market structure bill—a key committee dominated by Republicans. The draft seeks to delineate regulatory authority between the SEC and CFTC and introduces the new term “ancillary assets” to clarify which crypto assets are not considered securities.