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US lawmakers are holding intense private negotiations on a long-awaited bill that could create the first full regulatory framework for US crypto markets. Senators continue to debate final language as pressure grows for action this year. They now face rising political tension as new allegations involving World Liberty Financial fuel concerns inside Washington.
Senators have worked on the market structure bill for years. The latest discussions take place behind closed doors and with fewer public comments. Lobbyists say this shift shows lawmakers are negotiating the most sensitive issues.
The Senate Banking Committee and Senate Agriculture Committee must approve separate drafts before progress can continue. Banking Committee members hope for a markup before the year ends. Agriculture Committee members still must resolve what advocates describe as significant gaps in their version.
Even with increased momentum, lawmakers face major political hurdles. Some senators want faster action that gives crypto markets clear operating rules. Others warn that unresolved issues could complicate any final vote. This raises one key question: Can the Senate reach an agreement before political tensions derail the effort?
While committees negotiate bill language, senators also focus on claims involving World Liberty Financial. A recent letter from several lawmakers urged the Justice Department and the Treasury Department to review the company’s conduct. They addressed the letter to Attorney General Pamela Bondi and Treasury Secretary Scott Bessent.
The letter cited a September report from Accountable.US, a nonprofit corporate watchdog. The group said WLFI sold its $WLFI tokens to highly suspicious entities, including traders connected on-chain to a North Korean hacking group. The watchdog also reported links to a sanctioned Russian “ruble-backed sanctions evasion tool,” an Iranian exchange, and Tornado Cash.
World Liberty Financial rejected the claims. The company said it is a private crypto firm with no political power. It also said it performed strict AML and KYC checks on all token purchasers and turned down millions from buyers who failed screening. The company stated it followed the highest standard in the industry.
Senator Elizabeth Warren continues pushing for a deeper review of WLFI and any connection to President Donald Trump. She calls the president’s link to the company a clear conflict of interest. She also raised concerns about national security and due diligence after reviewing the watchdog report.
Other Democrats on the Senate Banking Committee take a different approach. Some remain open to negotiated language on crypto market rules. This internal divide limits the ability of Democrats to present a unified position. It also reduces Warren’s influence over blocking the broader bill.
Republican senators oppose proposals that prevent federal officials from holding crypto-related business interests. They call these ideas restrictive and politically driven. This disagreement shapes the entire debate and adds complexity to the legislative timeline. Senators now weigh political risk, national security concerns, and the urgency of establishing rules for an industry operating without formal guardrails.
Also Read: Senate Delays US Crypto Bill as Bipartisan Talks Continue
Lawmakers continue pushing the crypto market bill as negotiations intensify across key committees and scrutiny rises over World Liberty Financial. The debate now centers on national security concerns, political divisions, and the need for clear market rules. Stakeholders should track upcoming committee actions for decisive movement.
