Senate Banking Committee Chair Tim Scott says he’s looking to mark up a crypto market structure bill next month to have it on President Donald Trump’s desk by early next year.
Scott told Fox Business on Tuesday that the committee has been negotiating with Democrats to reach a deal, but accused the party’s senators of stalling efforts.
“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 said.
The House passed the CLARITY Act in July, which outlines the Commodity Futures Trading Commission and the Securities and Exchange Commission’s power to regulate crypto, and the Senate has been working on its own version of the bill.
Republicans on the Senate Banking Committee released a discussion draft on their section of the bill in July and suggested it would marry up with the CLARITY Act, and the Senate Agriculture Committee released its discussion draft on Nov. 10, which left much of the bill up for change.
The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC and is leading parts of the bill relating to securities laws.
Bill will create clear rules and unlock crypto: Armstrong
Coinbase CEO Brian Armstrong said in a video posted to X on Tuesday that he was in Washington, DC, “pushing for market structure legislation,” and noted there had been “a lot of 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 said.
“This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies,” he added.
Where the bill will go from here
The CLARITY Act was one of three major crypto bills the House passed in July after a 10-hour voting session alongside the GENIUS Act, which aims to regulate stablecoins and the Anti-CBDC Surveillance Act, which outlaws central bank digital currencies.
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As the Senate is working on its own version, the CLARITY Act will return to the House for final approval if it’s passed by the Senate. It would then be sent to Trump to be signed into law.
Republicans hold the majority in the Senate with 53 seats, compared to the Democrats’ 47 seats, with legislation effectively requiring 60 votes to pass.
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