Chairman of the U.S. Senate Banking Committee Tim Scottannounced that they aim to vote on the cryptocurrency market structure law in committees in December and move it to the Senate General Assembly in early 2026. Scott stated that the bill will be submitted for President Donald Trump’s signature and argued that the regulation will strengthen the global leadership of the country’s economy in the next century.
Republicans Want to Speed Up
Speaking on Fox Business channel, Tim Scott said that votes may be held in both the Banking and Agriculture Committees by the end of the year, and then the bill will be brought to the Senate agenda. said. The Republican senator stated that the Democrats were deliberately delaying the process and said, “Democrats say that Trump is destroying America from the world.” cryptocurrency “He doesn’t want the capital to be built,” he said. Scott emphasized that the bill will provide protection not only for Republicans but also for American consumers.
Since the bill concerns securities and commodity markets, it must receive approval from two separate committees. Republicans say the regulation Securities and Exchange Commission with (SEC) Commodity Futures Trading Commission It aims to clarify the boundaries of authority between (CFTC). They also want to clarify which cryptocurrencies will not be considered securities with the definition of “secondary asset”. However, support from Democrats is essential for progress to be made in the Senate.
Democrats’ Leaked Draft Creates DeFi Concern
The two parties in the Senate have different drafts. Passed by the House of Representatives in the summer CLARITY ActFollowing this, a parallel initiative is ongoing in the Senate. However, in recent weeks, a six-page draft from Democratic senators was leaked to the media. The bill focuses specifically on the decentralized finance (DeFi) ecosystem and calls for the Treasury Department and other financial authorities to define whether a person or institution exercises “control or decisive influence.”
Cryptocurrency industry representatives believe this approach is de facto DeFiHe reacted harshly, arguing that he could ban . Following the leak, both Democrats and Republicans held a series of meetings with industry leaders. Solana Policy Institute President Kristin Smith, who attended the talks, said some Democratic senators were “committed to finalizing the bill.” These talks indicate that negotiations in the Senate may gain momentum before the end of the year.
