Getting crypto regulation through Congress is turning out to be about as smooth as explaining blockchain to your parents at Thanksgiving. Senator Bernie Moreno made that abundantly clear on Monday when he vented about how slowly negotiations on cryptocurrency market structure legislation are moving.
Patience Wearing Thin
Speaking at the Blockchain Association Policy Summit in Washington, D.C., Moreno didn't sugarcoat his feelings. The Ohio Republican, who serves on the Senate Banking Committee, described the recent weeks as "decently frustrating."
"We can't let this thing keep going on. We have been at this for too long," Moreno said.
But here's where it gets interesting. Despite his impatience, Moreno isn't willing to compromise on quality just to check a legislative box. He made it clear he won't support a "bad bill" simply for the sake of passing something.
"No deal is better than a bad deal," he emphasized, adding a pointed jab at critics: "We want to make it better. But we can't end up in a situation where we try so much to placate people who honestly have no idea what they're talking about."
Where Things Stand
The Senate Agriculture Committee released a bipartisan draft earlier this month that attempts to bring some order to crypto oversight. The proposal would establish clearer roles for the CFTC and SEC through a unified federal framework, something the industry has been begging for.
The timeline? Lawmakers expect the bill to move through committees by late 2025, with a full Senate vote likely in early 2026 as part of broader government funding negotiations. Meanwhile, the House already passed its own version, the CLARITY Act, with bipartisan support back in July. Now comes the fun part of reconciling two different approaches.
Warren's Skepticism
Not everyone shares Moreno's enthusiasm for crypto legislation. Senator Elizabeth Warren, the ranking member of the Senate Banking Committee, has been a vocal critic of these bills, including the GENIUS Act.
Warren's opposition has intensified over concerns about the Trump family's cryptocurrency ventures, particularly the Official Trump (CRYPTO: TRUMP) meme coin and the USD1 dollar-pegged stablecoin. Her skepticism represents a significant hurdle for any crypto bill hoping to gain broad Democratic support.
The crypto industry wanted clear rules yesterday. Instead, they're getting a masterclass in legislative patience, with Moreno refusing to rush toward what he considers a subpar compromise. Whether that principled stance helps or hurts their cause remains to be seen.