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 Wednesday, September 10th, and today we are talking about the latest

iteration of 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

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All right, friends, Senate Democrats have unveiled their competing market structure framework.

The Senate market structure bill is expected to be up for debate in the banking committee later this month, and Republicans led by Cynthia Lummis put forward their framework several months

ago and published a full draft bill last week. In a Tuesday notice, 12 Democrat senators

wrote, 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 must also ensure that

digital assets are not used to finance illicit activities or to line the pockets of politicians

and their families. The list of participants is worth noting. The alternate framework is being put

forward by Democrat senators including Ruben Gallego, Mark Warner, Kirsten Gillibrand, and Corey Booker.

For lack of a better term, this is the pro-crypto coalition within the Democratic Party. Notably absent

from the proposal are Banking Committee ranking member Elizabeth Warren and Senate leader Chuck Schumer.

The group of 12 includes several members of the Senate Banking Committee, so they could form a

viable group to negotiate a compromise. Presumably, this is also the group that Banking Committee

Chairman Tim Scott referenced last month when he said that he has between 12 and 18 Democrats

at least open to voting for market structure. Scott had mentioned that what he really needed was a group

of Democrats to break ranks with Warren and signal their willingness to move a bill forward.

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