Senate Banking Committee Chair Tim Scott said he is looking to mark up a crypto market structure bill next month to have it on President Donald Trump’s desk early next year.
Scott said Fox Business on Tuesday said the committee was in talks with Democrats to reach a deal, but accused the party’s senators.
“Next month, we believe we can mark it in both committees and get it to the floor of the Senate early next year so that President Trump will sign the law making America the crypto capital of the world,” Scott said.
The house passed on Enlightenment law In July, outlining the Commodity Futures Trading Commission and the Securities and Exchange Commission’s power to regulate crypto, and the Senate is working on its own version of the bill.
Republicans on the Senate Banking Committee issued a discussion draft in their section of the bill in July and proposed that it be married to The Clarity Act, and released by the Senate Agriculture Committee Discussion Draft on November 10, leaving most of the bill open for change.
The Agriculture Committee has jurisdiction over the CFTC, while the banking committee oversees the SEC and leads parts of the bill related to securities laws.
Bill would create clear rules and unlock crypto: Armstrong
Coinbase CEO Brian Armstrong said In a video posted on X on Tuesday he was in Washington, DC, “pushing for market structure legislation,” and noted that there was “a lot of progress.”
“Senate banking is also working nights and weekends to get the next iteration of their text, so we had a good chance, I think, of a markup for this proposal in December, hopefully getting it to the president’s desk a little later,” Armstrong said.
“This will be a big milestone to get crypto locked in with clear rules in the US, which will benefit all companies,” he added.
Where the bill goes here
The Clarity Act is one of the three major crypto bills in the house passed in July After a 10-hour voting session next to the Genius Act, which aims to regulate StableCoins and the Anti-CBDC Surveillance Act, which curtails digital currencies in the Central Bank.
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While the Senate works on its own version, the Clarity Act will return to the House for final approval if the Senate passes it. It will then be sent to Trump to be signed into law.
Republicans hold a majority in the Senate with 53 seats, compared to 47 Democratic seats, with legislation requiring 60 votes to pass.
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