Will Crypto get its long-awaited market structure bill? Tim Scott says the vote could be close

Senator Tim Scott (R-SC), president of the powerful Senate banking committee, said on Tuesday that, by its current count, a vote on the pivot structure of the crypto market structure could be summed up in a few votes-and that certain Democrats who supported a bill on stables earlier this summer could not connect to it.

In June, 18 democrats broke with the rest of their party to pass the GeniusA historic bill Establish a federal framework to issue and exchange stalls, which was sign In law by President Donald Trump last month.

Speaking today at Wyoming Blockchain Symposium in Jackson Hole, Scott said that the number of democrats who end up supporting a bill on the structure of the crypto market could be considerably lower. The senator considered that, optimally, somewhere between 12 and 18 democrats will probably support the bill, largely due to the extreme opposition to the bill of certain members of their party.

“Let me say clearly: Elizabeth Warren is about to want to participate,” said Scott. “It is a real force to overcome.”

While Warren (D-MA), a critic of the cryptographic industry, was vocal in it opposition To the Act on Engineering, its criticisms of a more advanced market structure bill – which would functionally legalize the vast majority of the cryptographic industry, in part by adding new sculpture To the new financial regulation of the era of the agreement – was even more sharp.

In July, the Republicans of the senatorial committee of senior banks published a version project of the legislation on the structure of the cryptographic market, which they plan to discuss and mark next month.

Last week, Warren, the highest Democrat in the Senate Bank, published a stock -up analysis of the bill, which developed its potential risks as much more distant and existential than those posed by engineering law.

“(The bill) would provide a path of superhabit to traditional titles to escape the authority of the dry, fundamentally overwhelming the regulatory framework which ruled our capital markets for almost a century,” said the analysis.

Scott said on Tuesday that the strength of Warren’s demonstrations against the bill had challenged other democrats in the senatorial banking committee to support the bill, but that – as genius – he is currently working to obtain other Democrats disabled The committee to support legislation, to help “provide” the democrats of senatorial banks, considering voting for it.

Based on the current Senate composition, seven democrats should join the 53 Republicans to adopt a bill on the structure of the cryptographic market.

Although the Senate is currently considering a bill on the structure of the market, the Chamber has adopted its own version of the legislation, the ClarityLast month. Even if the Senate accepted the Clarity Act, however, it should always obtain the support of at least seven democrats in the upper room.