Senate Democrats articulate priorities for crypto market structure

By the numbers: The twelve members who signed onto the statement included Sens. Ruben Gallego (Ariz.), Mark Warner (Va.), Kirsten Gillibrand (N.Y.), Cory Booker (N.J.), Catherine Cortez Masto (Nev), Ben Ray Luján (D-N.M.), John Hickenlooper (Colo.), Raphael Warnock (Ga.), Adam Schiff (Calif.), Andy Kim (N.J.), Lisa Blunt Rochester (Del.), and Angela Alsobrooks (Md.).

• Eleven of the twelve, save Blunt Rochester, voted in favor of the stablecoin legislation that passed Congress.

What they're saying: "We owe it to the millions of Americans who participate in this market to create clear rules of the road that protect consumers and safeguard our markets. We also must ensure that digital assets are not used to finance illicit activities or to line the pockets of politicians and their families," the senators wrote in a joint statement.

In the weeds: The framework delves into key areas, including:

• Closing the gap in regulation where no clear rules exist for the trading and issuance of digital assets.
• Create a path for issuers of digital assets to provide disclosures adequate to protect consumers.

• Move the SEC to swiftly incorporate existing digital asset platforms into their regulatory framework.
• Require such platforms to register with the Financial Crimes Enforcecment Network (FinCEN) in order to inhibit and prevent illicit finance.
• Make sure that the CFTC and the SEC have adequate staff and funding to perform their duties.

Zoom out: Sen. Elizabeth Warren, (D-Mass.), who has been the most outspoken member of the minority party about digital assets, has accused the GOP of seeking a light touch approach to regulation.

The bottom line: The unanswered question is whether or not meeting these provisions will be enough to bring these twelve legislators on board, and if that will be enough to get the legislation through the chamber.