Senator Tim Scott Advocates for December Vote on Crypto Market Bill

Senate Banking Committee Chair Tim Scott is urging for a vote on a key crypto market structure bill by December, with hopes of getting it signed by President Donald Trump early next year. This legislation aims to elevate America as a leader in the global cryptocurrency market.

Key Takeaways

Tim Scott, chair of the Senate Banking Committee, is pushing for a December vote on a crypto market structure bill.
The bill aims to clarify regulatory powers of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Coinbase CEO Brian Armstrong supports the bill and says it could provide clearer rules for the crypto market.
The proposed legislation will need approval from both the Senate and House before reaching the President's desk.

Senator Tim Scott pushes for December vote on crypto market bill

Scott Pushes for a Quick Senate Vote

Tim Scott, the chair of the Senate Banking Committee, expressed his intention to have a crypto market structure bill ready for a vote next month. He aims for the legislation to reach President Donald Trump early next year. In an interview with Fox Business, Scott mentioned that his committee has been in talks with Democratic senators, although he accused them of delaying progress.

Scott stated, “Next month, we believe we can mark up in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation making America the crypto capital of the world.”

Law, Senate, US Government, Bills Banking Committee Chairman Tim Scott indicates a potential December vote on the market structure bill. Source: YouTube

Legislative Background

The House of Representatives passed the CLARITY Act in July, which defines the regulatory authority of the CFTC and SEC over cryptocurrency. The Senate is currently working on its own version of this legislation.

In July, Senate Republicans released a preliminary discussion draft of their bill, suggesting that it would align with the CLARITY Act. The Senate Agriculture Committee also presented its draft on November 10, which is still subject to modifications. The Agriculture Committee controls regulations pertinent to the CFTC, while the Banking Committee manages those related to the SEC and is focusing on securities law aspects.

Insights from Coinbase's CEO

On Tuesday, Coinbase CEO Brian Armstrong shared a video on X, highlighting his advocacy for market structure legislation while in Washington, D.C. He noted, “There has been a lot of progress,” emphasizing that the Senate Banking Committee is diligently working to finalize the text of the bill.

Armstrong remarked, “We’ve got a good chance of a markup for this bill in December, hopefully getting it to the president’s desk shortly thereafter.” He believes that establishing clear regulatory guidelines for cryptocurrency in the U.S. would benefit all companies operating in this space.

Next Steps for the Legislation

After the Senate finalizes its version of the CLARITY Act, it will return to the House for final approval if passed. Following that, it will be sent to President Trump for his signature.

Currently, Republicans hold the majority in the Senate with 53 seats, while Democrats have 47. The legislation will need at least 60 votes to pass.

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