Lummis Says Senate Democrats Sank Crypto Market Structure Bill That Would Have Preserved SEC Anti-Fraud Powers

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Sen. Cynthia Lummis blamed Senate Democrats for the failure of a cryptocurrency market structure bill.

Cointelegraph reported on September 18 that Lummis said Democrats blocked the measure and that it would have preserved the U.S. Securities and Exchange Commission’s authority to police fraud and market manipulation.

She added that the bill was designed to create a new regulatory framework for the crypto market while allowing the SEC to retain its existing powers to protect investors and crack down on unfair trading.

Lummis made the remarks after a procedural vote on the crypto market structure bill recently failed in the Senate.