Summary
- Sen. Tim Scott has scheduled a committee vote for next week on the Senate’s cryptocurrency market structure bill.
- Several significant issues remain, such as ethics regulations, protections for DeFi, stablecoin yields, and quorum requirements for regulators.
- Crypto advocates worry that a hurried markup could jeopardize the bill’s chances of passing this year.
Sen. Tim Scott (R-SC), chair of the Senate Banking Committee, announced on Tuesday that the committee will vote on the crypto market structure bill next week despite concerns that this may harm the bill’s chances of getting passed this year.
Over the past months, bipartisan negotiations have been ongoing to finalize the bill aimed at establishing a regulatory framework for the American crypto industry. Crypto advocates have invested years and considerable financial resources to garner support for this important legislation in Washington.
However, the complexity of the bill has led Senate Democrats and certain undecided Republicans to resist pressures from the White House to proceed with voting by specific deadlines, which have repeatedly passed without a vote.
Scott is determined to have a markup vote on the legislation by next Thursday, January 15, regardless of whether his colleagues are fully prepared.
This vote will be crucial as it will assess whether the bill can move past the Senate Banking Committee, a significant step before reaching the Senate floor for a final vote. However, it remains uncertain if a majority of committee members will support the bill in its current state.
Concerns have been voiced by several crypto lobbyists regarding the bill’s prospects this year, especially after Scott announced the expedited voting process. Some crypto industry leaders expressed alarm over the potential consequences of this hurried approach, emphasizing the need for bipartisan support to ensure a viable deal.
