Senator Tim Scott pushes for December vote on crypto market bill

Senate Banking Committee Chair Tim Scott is aiming for a vote on a crypto market structure bill in December, with a goal of having it on President Trump’s desk early next year. Scott indicated ongoing negotiations with Democrats, accusing them of stalling progress. The House passed its own version of the bill in July, which delineates the regulatory powers of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The Senate's own version has seen Republican support, building on the CLARITY Act. Notably, Coinbase CEO Brian Armstrong emphasized the importance of this legislation for creating clear rules for the crypto industry, which he believes will benefit all companies in the sector. If passed by the Senate, the CLARITY Act will return to the House for final approval before being sent to the President for signing. The Senate currently holds a Republican majority, which could facilitate the passage of the bill given the 60-vote requirement.

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