The legislation has inspired many in the cryptocurrency sector, who believe that with Democratic support, it may have a chance of passing the Senate. The CEO of the DeFi Education Fund, a lobbying organisation specialising on decentralised finance, Miller Whitehouse-Levine, stated that anything that is to be sticky “is going to need some bipartisan backing.”

However, other Democrats vehemently oppose the bill, notably Representative Maxine Waters, the top Democrat on the Financial Services committee. According to Waters, the bill would lessen protections already available to investors and consumers while also causing greater confusion.

“This bill heeds the calls from the crypto industry while disregarding the views of the administration, the Securities and Exchange Commission, and consumer and investor advocates.