Senate Banking Committee Chairman Tim Scott says he is pushing to flag a crypto market structure bill before the end of the year and send it to US President Donald Trump’s desk soon after.
“Next month, we think we can make a stand in both committees and bring it up in the Senate early next year so that President Trump will sign the legislation that makes America the crypto capital of the world,” Scott said in a recent release. interview with Fox Business.
Senate Banking Committee Chairman Tim Scott calls for profit margin increase in December (Source: Fox Business)
Scott added that the committee has been in discussions with Democrats and is trying to negotiate to reach an agreement. However, he accused the party’s senators of stalling the efforts.
Lawmakers are working on their own drafts of the Crypto Market Structure Act
Earlier this year in July, the House of Representatives passed the CLARITY Act, which outlines the powers of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to regulate the crypto market.
The Senate has been working on its own bill. Senate Banking Committee Republicans released a discussion draft on their portion of the bill in July. They also suggested that their bill be merged with the CLARITY Act.
Meanwhile, the Senate Agriculture Committee published its own discussion draft on November 10, leaving much of the bill open to change.
The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC. The latter is also leading in the bill relating to securities legislation.
Democrats divided on crypto regulation
As US senators negotiate the bill’s language and discuss its details, vocal crypto critic and Democratic Senator Elizabeth Warren continues to highlight President Trump’s conflict of interest, given his family’s ties to the digital asset industry and his push for pro-crypto policies in the US.
Recently, the senator, along with ally Senator Jack Reed, sent a letter to US Treasury Secretary Scott Bessent and Attorney General Pam Bondi requesting information about reports that Trump-linked World Liberty Financial was selling tokens to “North Korea, Russia and other illicit actors.”
According to the senators, these sales are like this marked by Accountable.us, “raise serious questions about WLF’s due diligence policies or procedures, including whether its tokens or other products enable sanctions evasion, money laundering and terrorist financing.”
While Senator Warren’s opposition to crypto policy could further slow progress and spell disaster for the industry, a divide is beginning to form among Democrats on the Senate Banking Committee over crypto policy.
While Warren stands by her position that the industry is too risky and that the president’s involvement is a conflict of interest, other members continue to negotiate over legislative language.
There’s a good chance Bill Mark Up will come in December, says Coinbase CEO
Despite opposition from Senator Warren and other Democrats, Coinbase CEO Brian Armstrong said in a video recently posted to He also noted that “a lot of progress” has been made.
Armstrong says a lot of progress is being made (Source: X)
“Senate benches are also working nights and weekends to get the next version of their text out, so I think we have a good chance of an increase on this bill in December,” Armstrong said.
“This would be a major milestone in unlocking crypto with clear rules in the US, which would benefit all businesses,” he added.
Next steps for the CLARITY Act
The CLARITY Act is one of three major bills that the House of Representatives passed in July after a 10-hour vote. The other two laws are the GENIUS Act, which aims to establish a regulatory framework for stablecoins, and the Anti-CBDC Surveillance Act, which bans central bank digital currencies.
Because the Senate is working on its own version of the CLARITY Act, the bill will have to return to the House of Representatives for final approval if it passes the Senate. Then it will have to be sent to Trump’s desk so it can be signed into law.
Currently, the Republicans have the majority in the Senate with 53 seats, while the Democrats have 47 seats. Any proposed legislation needs sixty votes to pass.
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