"Even opponents are entangled"...Cryptocurrency market structure bill, will bipartisan support emerge?

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As Senate discussions intensify around the U.S. cryptocurrency market structure bill, Alex Thorn of Galaxy Digital pointed to the 'Build Now Act' provision as a key variable that could secure bipartisan support. With this provision included in the new draft bill released by the Senate Banking Committee, it is evaluated that a political avenue has been created to connect the support of some Republican and Democratic members.

CoinGeape reported on the 13th that the Senate Banking Committee recently released a new draft of the U.S. cryptocurrency market structure bill, and the bill is scheduled for review by the Senate Banking Committee on the 14th. Thorn explained in a post on X (formerly Twitter) that the new draft includes changes in several areas, such as new powers for the Securities and Exchange Commission (SEC), definitions of decentralized finance (DeFi), provisions related to insider trading, and bankruptcy regulations for cryptocurrency companies.

The part Thorn particularly noted was the Build Now Act added to Article 904. He stated that this provision is a bill co-sponsored by Senator John Kennedy and Senator Elizabeth Warren, and had already passed the Senate in March as part of the ROAD housing bill. Thorn assessed that the inclusion of this provision within the U.S. cryptocurrency market structure bill creates another path towards its enactment into law.

Thorn believes that the inclusion of the Build Now Act could also help broaden Republican support for this cryptocurrency bill. He specifically explained that it could be a way to solidify the support of Senator Kennedy, whose stance on supporting the bill was reportedly undecided. The fact that Senator Warren participated as a co-sponsor was also mentioned as a factor adding weight to the bill as a bipartisan effort.

However, Thorn still considered it unlikely that Senator Warren would ultimately agree to the entire cryptocurrency bill. He assessed that given Senator Warren's existing anti-cryptocurrency stance, it is not highly probable that it would lead to support for the entire bill. Nevertheless, the inclusion of the Build Now Act was presented as a significant variable for the U.S. cryptocurrency market structure bill to broaden its political support base.

Senate Banking Committee Chairman Tim Scott stated that the revised bill provides the clarity, safeguards, and accountability that Americans need. Senator Cynthia Lummis also evaluated the bill as a step closer to passing a regulatory framework for digital assets. Thorn explained that the revised bill maintained developer protections under the Blockchain Regulatory Certainty Act, with only minor textual changes compared to the January draft.

Senator Bernie Moreno predicted that the U.S. cryptocurrency market structure bill could receive President Donald Trump's signature as early as July 4th. The revised draft, awaiting review by the Senate Banking Committee, has emerged as a key turning point that will determine the bill's chances of passage and its ability to secure bipartisan support.

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