A group of Senate Democrats has called for urgent bipartisan cooperation to regulate the $4 trillion global digital asset market, stressing that America’s leadership in crypto innovation and investor protection depends on swift and coordinated legislative action.
Lawmakers Push for Bipartisan Framework
In a statement released on September 19, the senators emphasized the need for both parties to work together on a comprehensive regulatory framework. The group includes Ruben Gallego (AZ), Mark Warner (VA), Kirsten Gillibrand (NY), Cory Booker (NJ), Catherine Cortez Masto (NV), Ben Ray Luján (NM), John Hickenlooper (CO), Raphael Warnock (GA), Adam Schiff (CA), Andy Kim (NJ), Lisa Blunt Rochester (DE), and Angela Alsobrooks (MD).
“We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale,” the statement noted.
“For this process to work, it must start from a place of mutual understanding.”
The lawmakers stressed that cooperation across party lines is essential, highlighting that fragmented or delayed efforts could put the U.S. at a disadvantage in global financial markets.
Seven Legislative Priorities
The Senate Democrats previously outlined seven key priorities for digital asset legislation:
- Closing gaps in the spot market for non-security tokens.
- Defining digital assets in law for clarity and consistency.
- Clarifying regulatory jurisdiction between agencies like the SEC and CFTC.
- Integrating issuers and platforms into existing oversight structures.
- Implementing stronger anti-illicit finance measures.
- Addressing corruption and abuse in digital markets.
- Establishing fair and effective trading rules to support innovation and protect investors.
Balancing Innovation and Oversight
Supporters argue that clear rules would protect consumers, prevent fraud, and encourage responsible blockchain development, while critics warn that excessive regulation could stifle innovation and drive businesses offshore.
The statement reflects growing urgency in Washington, as the U.S. faces increasing competition from other countries advancing their own crypto and digital asset regulatory frameworks.
The call from Senate Democrats signals that digital asset regulation is becoming a top legislative priority. Whether Republicans join the effort will determine if Congress can create a truly bipartisan framework that balances innovation with investor protection.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.