Senate Banking Committee Chair Tim Scott has indicated that the committee is targeting a markup of a crypto market structure bill in December, with the goal of having the legislation on President Donald Trump's desk by early next year.
Scott informed Fox Business on Tuesday that while the committee has been engaged in negotiations with Democrats, he accused the opposing party's senators of causing delays.
"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," Scott stated.
The House of Representatives passed the CLARITY Act in July, a bill that defines the regulatory authority of the Commodity Futures Trading Commission and the Securities and Exchange Commission over cryptocurrencies. The Senate has been developing its own version of this legislation.
In July, Republicans on the Senate Banking Committee released a discussion draft for their portion of the bill, suggesting it would align with the CLARITY Act. Subsequently, on November 10, the Senate Agriculture Committee released its discussion draft, leaving significant aspects of the bill open for amendment.
The Agriculture Committee holds jurisdiction over the CFTC, while the Banking Committee oversees the SEC and is taking the lead on parts of the bill pertaining to securities laws.
Bill Expected to Foster Clear Rules and Unlock Crypto Industry Growth
Coinbase CEO Brian Armstrong shared in a video posted to X on Tuesday that he was in Washington, D.C., actively advocating for market structure legislation and observed considerable progress.
"Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter," Armstrong commented.
He added, "This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies."
Legislative Pathway Forward
The CLARITY Act was one of three significant crypto bills advanced by the House in July, following a 10-hour voting session. The other two bills were the GENIUS Act, which focuses on stablecoin regulation, and the Anti-CBDC Surveillance Act, which aims to prohibit central bank digital currencies.
As the Senate progresses with its version of the bill, any legislation passed by the Senate will need to return to the House for final approval before being sent to President Trump for his signature into law.
Republicans currently hold a majority in the Senate with 53 seats, compared to the Democrats' 47 seats. Legislation typically requires 60 votes to pass.