Republicans are trying to pin down Democrats to vote on the Senate digital asset market structure bill, the Responsible Financial Innovation Act (RFI Act). But Democrats want to have a bigger say in its drafting. Leaked Democrat proposals relating to DeFi have displeased the crypto sector.
According to Politico, a Republican Banking committee spokesperson said, “the document was not written in legislative text, included multiple incoherent policy ideas, and was not a good-faith effort to engage on market structure.” Punchbowl News said the Republicans weren’t willing to schedule further meetings until the Democrats agree to a markup session.
Indeed, the Democrat proposals are high level, not written as legislative text and far from perfect. But they are also not quite as outrageous as some have portrayed. Hence, some discussion might be warranted. The devil is in the detail, where the controversial issues lurk.
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