- Senate discussions on a bipartisan crypto market bill are progressing amid a 36-day government shutdown.
- Senators John Boozman and Cory Booker met with White House crypto czar David Sacks to finalize a draft.
- Lawmakers are closing in on a deal but remain divided over enforcement, DeFi oversight, and transparency concerns.
U.S. lawmakers are making progress toward a bipartisan crypto market structure bill despite the longest government shutdown in U.S. history, now in its 36th day. The proposed legislation aims to define regulatory boundaries for digital assets and enhance oversight of the crypto industry.
Senate Agriculture Chair John Boozman and Senator Cory Booker held discussions with White House crypto and AI director David Sacks on Wednesday as part of efforts to finalize a discussion draft.
Shortly after the meeting, Sacks commended the senators for the constructive and forward-moving discussions, expressing optimism about the bipartisan progress achieved so far.
He noted that the ongoing collaboration reflects a shared determination across party lines to establish a clear, balanced regulatory framework for digital assets in the United States.
Related: Hoskinson Pushes for Bipartisan Crypto Regulation, Targets Key Democrats
Draft Bill Nears Completion Amid Political Divides
The Agriculture Committee oversees the Commodity Futures Trading Commission (CFTC). Boozman told reporters that a draft bill could be released within weeks, though staff are working toward a preliminary version by Friday, with the possibility of a short delay.
He emphasized that the committee would present one unified bipartisan draft, but acknowledged that some disagreements remain, particularly around enforcement mechanisms and financial crime prevention.
Senator Roger Marshall (R-Kan.) expressed concern about the potential misuse of cryptocurrencies for illicit purposes. “They need to help me understand how we’re going to know our customers better and how we can not let it be such a tool for organized crime,” Marshall said.
Booker Raises Concerns Over CFTC Appointments and Trump Ties
Before the meeting, Booker had reportedly planned to question Sacks about whether the Trump administration intends to appoint Democratic commissioners to the CFTC.
According to sources familiar with the matter, Booker also sought clarity on Trump family business interests in digital assets, a growing concern among Democrats involved in the negotiations.
Despite political friction, lawmakers on both sides appear committed to reaching a deal.
Banking Committee and White House Continue Parallel Talks
Progress has also been reported within the Senate Banking Committee. Senator Cynthia Lummis, chair of the Banking Committee’s crypto subcommittee, confirmed that staff-level negotiations have been “very productive.”
“They’re lengthy, they’re ongoing, and the spirit of the negotiations is one of real camaraderie in terms of finding language that both parties can agree on,” Lummis said.
Meanwhile, at Ripple’s Swell Conference in New York, Patrick Witt, Executive Director of President Donald Trump’s Council of Advisors for Digital Assets, said that the shutdown has delayed technical assessments of the bill due to furloughed agency staff.
Still, he noted that behind-the-scenes coordination continues, with staffers working to secure committee votes.
Related: DATCo’s Now Hold $137.3 Billion in Crypto; Saylor’s Strategy Controls Nearly 50%
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Source: https://coinedition.com/bipartisan-crypto-market-structure-bill-moves-in-senate-despite-shutdown-36th-day/
