U.S. Senate Banking Chair Tim Scott said on Tuesday that he aims to have the committee vote on a crypto market structure bill next month.
“By the end of this year, by next month, we believe we can get it marked up and voted on in both committees and get it to the Senate floor early next year for President Trump to sign into law.” Scott said Fox Business Morning with Maria on Tuesdays.
Market structure legislation requires approval from both the Senate Banking and Agriculture Committees, as it relates to both securities and commodities regulations.
Scott said the legislation would protect consumers while helping cement America’s dominance as the world’s most powerful economy into the next century. The Republican senator pushed through September of this year to pass the bill, which he blamed on Democrats.
“Democrats are stalling and stalling and stalling because they don’t want President Trump to make America the crypto capital of the world,” Scott said in a Tuesday appearance on Fox Business. “It’s not just for President Trump, it’s for the American people.”
The Senate is working on its own crypto market framework legislation after the House passed its version — the Clarity Act — this summer.
The Republican-led Senate Banking Committee seeks to delineate jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while creating a new term for “subsidiary assets” to clarify which cryptocurrencies are not securities. Republicans will need Democratic support to advance the bill.
During bipartisan debates on the legislation, a proposal was leaked from Senate Democrats. The six-page proposal focuses on decentralized finance and would explain to the Treasury Department and other financial regulators when an entity or person exercises “control or substantial influence.” The draft drew heavy criticism from many in the crypto industry, with some arguing that it would essentially ban DeFi.
After the incident, both Senate Democrats and Republicans held meetings with industry leaders. Kristen Smith, president of the Solana Policy Institute, who was at the Democrat meeting, said: Told the block There is a group of Democratic senators who “want to get this done.”
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