Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.

What's going on, guys? It is Monday, September 22nd, and today we are talking about the latest in the market structure bill.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.

You can find a link in the show notes or go to bit.ly slash breakdown pod.

The market structure bill keeps moving, and now Senate Democrats are pushing for more input as the process comes together.

On Friday, a group of 12 Democrats released a joint statement, which said,

We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale.

Basically, they're asking for a role in drafting the language of the bill,

rather than just providing input on a GOP-written bill through the committee process.

This is the same group that released a competing framework for the market structure bill

earlier in the month. Their major asks were closing the loophole that allows stable

coins to pay interest through third parties and a string of enhanced compliance measures. One of the most concerning parts was a demand to, quote,

address bad actors' use of defy platforms to circumvent illicit finance controls. With no further

details, some worried that Democrats would push for another backdoor defy ban. Still at this stage,

it's reasonable to think that this Democrat bloc at least is working in

good faith, as this is an entirely separate faction from Elizabeth Warren in her anti-crypto

army. Instead, the major consideration is simply time. In their statement that Democrat senators

said, given our shared interest in moving forward quickly on this issue, we hope they will

agree to reasonable request to allow for true collaboration. For this process to work, it must start from a place of mutual understanding.

Republican leaders were attempting to get this bill moving by the end of the month. It now

looks like that won't be the case with Politico reporting that Senate banking GOP staff have

...