US market structure consensus elusive; SEC limits ETF leverage
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Homepage > News > Business > US market structure consensus elusive; SEC limits ETF leverage There’s still no bipartisan consensus on how the U.S. market should regulate digital assets, so blockchain advocates are lobbying Congress and the president to achieve more specific goals. Now that we’re officially into the final month of 2025, all eyes turn to the U.S. Senate and its glacially slow progress in crafting a digital asset market structure bill that both parties can get behind. When we last left our senatorial heroes, they were aiming for mid-month markup sessions for the two committees (Banking and Agriculture) tasked with steering this ship to shore. This week, Punchbowl News reported that the primary area of contention between the parties remains decentralized finance (DeFi). The GOP prefers a more laissez-faire approach, while the Dems keep pushing for stricter oversight and broader consumer protections (aka greater responsibility for DeFi developers should their platforms fail or be used for criminal purposes). Punchbowl quoted Banking committee chair Tim Scott (R-SC) calling the technology “a paradigm-shifting experience that is embedded in market structure. And if you don’t have DeFi as a major part of it, then you really don’t have a need for a market structure. As I said to [Democrats], without DeFi, there is no market structure.” The committee’s head of its digital assets subcommittee, Cynthia Lummis (R-WY), said the current impasse was down to “a couple of DeFi items.” But Scott said Dems’ issues amounted to “a long list of things that just includes DeFi.” Ruben Gallego (D-AZ), the committee’s ranking member, agreed that the differences involved “more than a couple things out in DeFi,” citing the Dems’ push for ethics rules that target the lucrative crypto ventures benefitting President Trump and his family. But Gallego offered hopes for a mutually…
Filed under: News - @ December 5, 2025 12:23 pm