Senator Tim Scott pushes for December vote on crypto market bill

Senator Tim Scott, who chairs the Senate Banking Committee, is pushing for a vote on a crucial crypto market structure bill in December. The aim is to send it to President Trump for approval by early 2026. This effort comes as part of a broader initiative to establish the U.S. as a leading hub for cryptocurrency.

Senate looks to mark up crypto bill in December for swift passage

Scott expressed confidence in the Senate's ability to finalize the bill next month. He mentioned that negotiations with Democratic senators are ongoing, although he has criticized them for 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.'

CLARITY Act and Senate's efforts to establish crypto regulations

The House of Representatives passed the CLARITY Act in July, which delineates the authority of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating cryptocurrencies. Meanwhile, the Senate has been developing its own version of this legislation. The Republicans on the Senate Banking Committee released a discussion draft in July, indicating that it would align with the CLARITY Act. The Senate Agriculture Committee also contributed a draft on November 10, leaving room for further revisions.

Industry leaders advocate for clear rules to boost crypto sector

Brian Armstrong, CEO of Coinbase, recently emphasized the importance of market structure legislation in promoting the crypto industry. In a video posted to X, he noted that there has been substantial progress in Washington, D.C., and expressed hope that the Senate will finalize a markup in December. Armstrong highlighted that clear regulatory guidelines would be a significant milestone for the crypto sector, benefiting all companies involved.

Potential outcomes of crypto bill in Senate and implications for the future

If the Senate passes its version of the CLARITY Act, it will return to the House for final approval. Following this, it would be sent to President Trump for his signature. The Senate currently has a Republican majority, which could facilitate the passage of the bill. However, legislation generally requires 60 votes to advance, making bipartisan support crucial. The outcome of this legislative effort could shape the future of cryptocurrency regulation in the U.S.