Market Structure Stalls as Power Shifts From Congress to Regulators
This week’s regulatory developments show a familiar reality in Washington: there is broad agreement that crypto needs rules, but little consensus on how those rules should be written or who should take the lead.
That tension was on full display as Senate Judiciary leaders Chuck Grassley and Dick Durbin raised concerns over a provision in Senate Banking Chair Tim Scott’s crypto market structure bill.
The language would exempt certain blockchain software developers from financial licensing requirements, a move lawmakers warned could weaken law enforcement’s ability to pursue money laundering and other illicit financial activity.
In a private letter first reported by Politico, Grassley and Durbin argued that the provision…
