Crypto Market Bill Nears Approval as Senate Banking Chair Sets Vote For Next Month

The Crypto Market Bill may be on track to pass as the Senate sitting banking chair shared plans for a possible vote next month, which indicates the bill may finally see implementation after previous drafts and months of delay.

Senate Banking Chair Pushes Crypto Market Bill Towards Vote

Senate Banking Committee Chair Tim Scott said this week that he expected both the Banking and Agriculture panels to start marking up the market bill next month. Scott accused Senate Democrats of slowing progress on the legislation.

Scott said the dual-committee process has taken too long. He also added that formal votes are in sight, which could mean the bill advances early next year.

“Next month, we believe we can mark up in both” the Senate Banking and Agriculture committees, Scott said.

Journalist Eleanor Terrett also reported that Chair Scott expects both committees to vote next month. She said the full Senate is likely to take up the legislation “early next year.”

She further added that, in essence, the crypto market bill is the Senate companion for the House bill. Earlier drafts had a more Republican inclination. However, the imminent version will be bipartisan. This is essential to ensure the ultimate passage of this legislation to the President’s desk.

Scott had previously promised to move the crypto market bill by the end of September but failed to meet that deadline. He placed blame for the delay on Democratic opposition. He claimed Democrats are hesitant to give a legislative victory to former President Trump.

“The Democrats have been stalling and stalling and stalling because they don’t want President Trump to make America the crypto capital of the world,” he said. “They don’t want to give him the win. It’s not just for President Trump, it’s for the American people.” 

This comes after the Senate Committee released a bipartisan draft on November 10. The draft showed how digital commodities would be regulated by the CFTC.

Market Bill Gains Momentum After Industry Pressure

In light of the developments, Coinbase’s CEO Brian Armstrong shared that Congress had made a lot of progress and could pass the legislation as early as December.

That timeline fits comments from Senator John Boozman. He told Bloomberg recently that the Agriculture Committee plans to mark up the bill in early December. This reflects what he called a “bipartisan urgency” to finalize digital asset rules.

Since the House passed the CLARITY Act earlier this year, the Senate has been working to perfect its version of the bill. A new classification that would assist in determining which cryptocurrencies are not under securities laws is especially in the crosshairs of lawmakers.