US SENATE'S CRYPTO MARKET STRUCTURE BILL GETS MESSY

Summary from the TLDR Crypto newsletter

Senate Democrats delivered a counteroffer on crypto market structure legislation outlining unresolved demands on financial stability protections, ethics rules preventing elected officials from profiting off crypto projects targeting Trump family ventures, and stablecoin yield limits reflecting deposit flight fears from community banks. The White House blocked ethics provisions and Democratic commissioner nominees, according to Republican Senator Cynthia Lummis, as divisions persist over long-term CFTC/SEC oversight splits and secondary-market protections, with Democrats rejecting markup calls despite GOP assurances that the bill is nearly ready. The Senate has days left in its 2025 calendar ending next week before slipping into midterm election pressures and January 30's expiring Continuing Resolution, risking another government shutdown, while progressive groups and Senator Elizabeth Warren criticize the effort as threatening financial stability despite being sidelined by Democrats negotiating directly with Republicans.