WASHINGTON, DC — The stalled Senate crypto market structure bill is moving forward behind the scenes, the chairman of the body’s banking committee said Tuesday.
Sen. Tim Scott, who leads the banking panel overseeing the market structure bill, said at the Digital Chamber’s DC Blockchain Summit that lawmakers could see at least stable new draft language as soon as this week.
Stablecoin yield was the most publicly debated issue in the market structure bill, but lawmakers remained engaged, Scott said.
“I think this week we will have in our hands the first proposal to consider,” he said. “If this actually happened before the end of this week, and I think it will, we’ll at least know that the sketch looks like the person. If it does, I think we’ll be in much better shape.”
He thanked Democratic Sen. Angela Alsobrooks, Republican Sen. Thom Tillis and the White House’s Patrick Witt for their performance efforts.
Other outstanding issues have also been negotiated, particularly over the past month, he said, highlighting lawmakers’ concerns about U.S. President Donald Trump and his family’s crypto plans, the lack of bipartisan commissioners at key regulatory agencies and know-your-customer regulations.
“I think we’re about to land on the issue of ethics and quorum,” Scott said. “We know it’s a big deal for our friends across the aisle, so we’re resolving that as well. I think we’re moving forward with some [nominations]which is great news that we were able to come out on the other side. I think the problem with DeFi is something that [Senator] Mark Warner holds on, AML [anti-money laundering] being a very important part. So I think we’re working on that. »
