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GOP Crypto Bill Faces Setback as Senator Warns “We’re Not Ready”
Internal GOP rift threatens timeline for sweeping U.S. digital asset legislation
Kennedy Pushback Threatens Scott’s September Deadline
Senate Republicans are facing fresh divisions over digital asset legislation, as Sen. John Kennedy (R-La.) signaled Wednesday that the Banking Committee is “not ready” to advance a landmark cryptocurrency market structure bill this month.
ennedy’s remarks directly challenge Chairman Tim Scott’s pledge to mark up the bill before September 30. “People that I talk to still have a lot of questions. I know I still have a lot of questions,” Kennedy told reporters.
The legislation would divide oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Kennedy warned that the framework risks giving the crypto industry too much influence over the process.
Scott’s Efforts to Build Momentum
Scott’s office has defended the push, noting that Republicans have reviewed thousands of pages of stakeholder feedback and consulted with more than 160 industry participants since June.
“The House has already acted, and the Senate should not fall behind,” said Jeff Naft, Scott’s spokesperson, referencing the House-passed CLARITY Act in July.
Meanwhile, Republicans earlier introduced the GENIUS Act, which established rules for U.S. dollar-pegged stablecoins. Kennedy, however, dismissed that effort as a “baby step” compared to the broader overhaul now under debate.
Crypto Industry Pushes for Action
Industry leaders have lined up behind Scott’s September deadline. Coinbase CEO Brian Armstrong described it as “a clear path forward,” while Andreessen Horowitz’s Colin McCune called comprehensive regulation “sorely needed for years.”
The sector has poured hundreds of millions of dollars into Washington lobbying to secure long-awaited clarity.
Democratic Skepticism Grows
Doubts about the bill are not limited to Republicans. Sen. Andy Kim (D-N.J.) argued that pushing the bill forward this month would be “a mistake,” while other Democrats have urged Republicans to slow the process.
In early September, twelve Democratic senators unveiled their own framework, marking the party’s first coordinated position on crypto regulation this year. Their plan emphasized:
- Stronger disclosure requirements
- Mandatory registration of platforms with FinCEN
- Expanded SEC and CFTC oversight
- Restrictions on lawmakers profiting from digital assets
Momentum for CLARITY Act Fades
Expectations for swift passage are fading. Prediction platform Polymarket now gives the CLARITY Act just a 32% chance of becoming law in 2025—down from nearly 90% in July.
Sen. Cynthia Lummis (R-Wyo.), a key supporter, had earlier expressed optimism that the legislation could pass with bipartisan support before year-end. She has since warned that the U.S. risks falling behind the EU and Singapore without regulatory clarity.
Why This Matters
The stalled momentum highlights the political challenges of crafting digital asset legislation in a divided Congress. With Democrats advancing a competing framework and Republicans fractured, the future of U.S. crypto market structure rules may remain uncertain well into 2025.
@ Newshounds News™
Source: CryptoNews
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US Senate Committee Advances Trump’s ‘Crypto-Friendly’ Fed Pick
Stephen Miran’s nomination sparks partisan split amid questions over Fed independence and digital asset policy
Senate Committee Vote Falls Along Party Lines
The U.S. Senate Banking Committee has advanced the nomination of Stephen Miran to the Federal Reserve Board of Governors, setting up a full Senate vote. The decision came in a narrow 13–11 party-line vote, with Republicans in favor and Democrats opposed.
Miran, previously tapped by President Donald Trump to lead the Council of Economic Advisors, is being considered for a temporary Fed seat vacated by Adriana Kugler, whose term ends January 31.
During his confirmation hearing last week, Miran said he would not resign from his role advising the White House even if his time at the Fed extended beyond January.
Miran’s Crypto-Friendly Outlook
Though Miran has made few public statements on digital assets, he signaled in a December interview that “crypto has a big role potentially to play in innovation.” Since joining the Trump administration, however, he has been largely silent on the issue.
If confirmed, Miran would join the Fed as it prepares for an October conference on payments policy, including discussions on stablecoins and tokenization—areas where his openness to crypto innovation could play a role.
Fed Independence Tested
Miran’s nomination comes at a tense moment for the central bank. President Trump recently attempted to remove sitting Fed governor Lisa Cook, citing mortgage fraud allegations in an August 25 letter.
Cook refused to resign, and on Tuesday a federal judge in Washington, D.C., blocked Trump’s order, ruling the president had not provided sufficient cause. The administration has filed an appeal.
The episode underscores ongoing tensions over the independence of the Federal Reserve, with critics warning that political interference could undermine its credibility.
Why This Matters
Miran’s potential appointment would place a “crypto-friendly” figure on the Fed at a pivotal time for digital asset policy. With the central bank set to address stablecoins and tokenization in upcoming discussions, his stance could influence how the Fed balances innovation with oversight.
@ Newshounds News™
Source: CoinTelegraph
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SEC Postpones Decision on Franklin XRP ETF, Sets New Final Deadline
Commission pushes review to November as optimism builds for XRP ETF approval
Franklin’s XRP ETF Faces Extended Review
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Franklin Templeton spot XRP exchange-traded fund (ETF), setting a new final deadline of November 14, 2025.
Franklin’s proposal dates back to March, when the Cboe BZX Exchange filed to list and trade shares of the ETF. After initial publication in the Federal Register on March 19, the SEC began its statutory review process.
By law, the SEC must rule within 180 days but can extend the review by an additional 60 days if needed. The agency exercised that option this week, citing the need for more time to assess the proposal.
Final Deadline in November
The SEC’s notice makes clear that November 14 will be the final deadline for Franklin’s application. At that point, the agency must either approve or reject the XRP ETF.
If approved, the product would give investors regulated exposure to XRP’s performance, marking a milestone for both Franklin Templeton and the broader digital asset market.
The delay follows a familiar pattern: the SEC has often used the full extension period for crypto-related ETF filings, citing the need to evaluate market structure, custody, and investor protection issues.
Other XRP ETF Applications Also Pending
Franklin’s application is one of several in front of the SEC. Other asset managers—including Grayscale, Bitwise, Canary, 21Shares, and CoinShares—are also awaiting decisions.
The SEC is expected to rule on multiple proposals in mid-October, with Franklin’s deadline now set slightly later.
Market Sentiment Points to Approval
Despite the delay, investor confidence remains strong. Prediction market data from Polymarket shows a 92% probability that XRP ETFs will launch this year, up from 91% last week.
Optimism stems from the SEC’s evolving stance toward digital assets, highlighted by its Project Crypto initiative and recent remarks by SEC Chair Paul Atkins, who declared that “crypto’s time has come.”
Why This Matters
The SEC’s November decision on Franklin’s XRP ETF could open the door to mainstream adoption of XRP as a regulated investment product. With multiple applications nearing resolution, the coming weeks may mark a turning point for digital asset ETFs in the U.S.
@ Newshounds News™
Source: The Crypto Basic
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