US Senate To Vote On Crypto Market Structure Bill In December
The United States Senate Banking Committee Chair Tim Scott aims to have a committee vote on the crypto market structure bill next month.
The Banking Committee Chair stated that he hopes to have the bill on President Trump’s desk by early next year.
Senate To Vote On Crypto Market Structure Bill
Senate Banking Committee Chair Tim Scott is looking to mark up a crypto market structure bill as early as next month and have it on President Trump’s desk by early next year. Scott stated during an interview that the committee has started negotiations with the Democrats to reach a deal. Scott said in an interview,
“By the end of this year, next month, we believe we can mark up and vote in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation.”
The market structure bill requires approval from the Senate Banking Committee and the Senate Agriculture Committee, as it deals with both securities and commodities regulations.
Democrats Stalling
Scott stated that the Market Structure Bill legislation would protect consumers and help establish America as the world’s most powerful economy for the next century. Scott unsuccessfully pushed to pass the bill in September and blamed the Democrats for stalling progress.
“The Democrats have been stalling and stalling and stalling because they don’t want President Trump to make America the crypto capital of the world. It’s not just for President Trump, it’s for the American people.”
Clear Jurisdiction
The Senate is working on its own crypto market structure bill after the House passed the CLARITY Act in July. The Senate Banking Committee aims to create clear jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and create a new term for “ancillary assets” to clarify which cryptocurrencies are not securities. However, Republicans need Democratic support to pass the bill.
However, while discussions are ongoing, a Senate Democrat-backed proposal was leaked. The proposal focused on decentralized finance (DeFi) and tasked the Treasury Department and other regulators to define when an entity or individual “exercises control or sufficient influence.” The draft proposal drew criticism from the crypto industry, with many arguing it would essentially ban decentralized finance. Despite the apparent setback, Coinbase CEO Brian Armstrong noted that there has been substantial progress regarding the bill, stating,
“Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter. This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.