The U.S. Senate Banking Committee is finalizing a draft reform of the crypto market structure.

PANews reported on September 5th that Crypto in America reported that the U.S. Senate Banking Committee is finalizing a draft reform bill for the crypto market structure, which is expected to be submitted to the committee for review this month, with a vote by the full House likely before the end of the year. The draft incorporates feedback from industry and lobbying groups, marking the first time that Democrats will have deep involvement. Meanwhile, an internal SEC investigation revealed that nearly a year's worth of text messages from former Chairman Gary Gensler, from October 2022 to September 2023, were permanently deleted due to an IT error. These messages involved key content related to crypto enforcement, coordination between banks, and the White House. The SEC has since disabled employee text messaging and stepped up record-keeping training.