Senate Republicans Schedule Crypto Bill Vote Despite Divide on Key Issues
Sen. Tim Scott, chair of the Senate Banking Committee, announced a key committee vote next week on a long-negotiated crypto market structure bill, despite uncertainty over its chances of passing this year. The bill aims to establish a regulatory framework for the U.S. crypto industry and has been the focus of bipartisan negotiations for months. Deadlines have repeatedly slipped due to disagreements and the bill’s complexity, with some Senate Democrats and moderate Republicans still holding out. Scott stated the importance of having the committee members vote, even if not all are ready. The vote will determine whether the bill advances out of committee toward a full Senate vote. Major issues remain unresolved, including conflict-of-interest rules, stablecoin yields, regulatory quorum requirements, and provisions concerning decentralized finance (DeFi) and illegal money transmission. Crypto industry figures and some policy experts expressed doubts about the bill’s likelihood of passing, especially in the absence of broad bipartisan support. Negotiations between Senate members and the White House are ongoing, but skepticism remains about achieving consensus before the vote.
