Senate Banking Chair Tim Scott says the Senate Banking Committee will vote on the crypto market structure bill next month, aiming for the final push to the President’s desk.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
3 mins read
Tim Scott, the US Senate Banking Committee chair, said the committee will soon vote on the crypto market structure bill to bring clearer regulations to the industry.
Since the bill covers both securities and commodities, it must pass through the Senate Banking Committee as well as the Senate Agriculture Committee.
During his interview with Fox Business, Scott said:
“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.“
On the other hand, Coinbase CEO Brian Armstrong has also been leading the effort to push the crypto market bill.
He is currently in Washington, D.C., meeting with top members of Congress to support the crypto market bill. With the government now funded through January, Senate lawmakers are renewing efforts to advance the legislation.
Stressing the importance of introducing the crypto market structure bill, Tim Scott said that the legislation would enhance consumer protections while strengthening America’s position as the world’s leading economic power for the next century.
The Republican senator had sought to advance the bill by September but was unsuccessful, blaming Democrats for the delay. Scott said:
“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.“
Last month, Coinbase CEO Brian Armstrong also slammed the DeFi market structure bill by Democrats, calling it “bad, plain and simple.”
Earlier this summer, the US Senate was developing its own crypto market structure bill after the House passed its version, also known as the CLARITY Act.
The Republican-led Senate Banking Committee aims to define regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
It also plans to introduce a new category of “ancillary assets” to clarify which cryptocurrencies should not be treated as securities.
Leading from the front, Coinbase CEO Brian Armstrong is actively pushing for passage of federal crypto market structure legislation, noting “significant progress” since his last visit.
Armstrong said he is hoping for a December markup of the CLARITY bill and for the legislation to reach the President’s desk soon after.
He said the measure would provide clear regulatory rules that would help expand the U.S. crypto market.
Besides, it will also support businesses, strengthen consumer protections, and enable broader industry development.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
