U.S. Senate Banking Chairman Tim Scott said Tuesday he wants the committee to vote on the crypto market structure bill next month.
“By the end of the year, next month, we believe we can vote in both committees and get the bill to the Senate early next year for President Trump to sign the legislation,” Scott said Tuesday on Fox Business’ Mornings with Maria.
The market structure legislation requires approval from the Senate Banking and Agriculture committees because it deals with both securities and commodities regulation.
Scott said the legislation would protect consumers while helping cement U.S. dominance as the world’s most powerful economy for the next century. The Republican senator unsuccessfully pushed for the bill to be passed by September of this year, for which he blamed Democrats.
“Democrats have procrastinated and procrastinated and procrastinated because they don’t want President Trump to make America the crypto capital of the world,” Scott said during his Tuesday appearance on Fox Business. “It’s not just for President Trump, it’s for the American people.”
The Senate has been working on its own crypto market structure legislation after the House passed its version – the CLARITY Act – this summer.
The Republican-led Senate Banking Committee is seeking to demarcate jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while creating a new term for “ancillary assets” to clarify which cryptocurrencies are not securities. Republicans would need support from Democrats to advance the bill.
Amid ongoing bipartisan discussions over the bill, a proposal from Senate Democrats was leaked. The six-page proposal focuses on decentralized finance and would task the Treasury Department and other financial regulators with defining when an entity or person “exercises sufficient control or influence.” This project has drawn heavy criticism from many in the crypto industry, with some saying it would essentially ban DeFi.
Following the incident, Democratic and Republican senators each held meetings with industry executives. Solana Policy Institute President Kristin Smith, who was at the Democrats’ meeting, told The Block that there is a group of Democratic senators who want to “get it done.”
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