Senate Moves Toward December Vote on New Crypto Rules
- Tim Scott plans a December markup session as senators push to advance the crypto bill.
- Fresh talks shape the bill as lawmakers seek a unified path to guide digital assets.
- Industry groups meet with Senate staff to help define rules for growing crypto markets.
Senate Banking Committee Chair Tim Scott plans to advance a crypto market structure bill next month and aims to place the legislation on President Donald Trump’s desk early next year. Scott said the committee continues negotiations with Democrats, yet accused them of delaying the process. He explained on Fox Business that both committees could mark up the bill soon and send it to the Senate floor early next year.
Scott said, “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.”
The House passed the CLARITY Act in July. It sets responsibilities for the Commodity Futures Trading Commission and the Securities and Exchange Commission. The Senate continues to develop its companion bill.
Bipartisan Negotiations Shape the Senate Version
Republicans on the Senate Banking Committee unveiled a discussion draft of their section in July. Their proposal aligns key portions with the House-passed CLARITY Act. The Senate Agriculture Committee released its draft on Nov. 10, leaving several items subject to change. The Agriculture Committee manages oversight of the CFTC, while the Banking Committee handles the SEC and shapes securities-related language.
Journalist Eleanor Terrett said Chair Scott expects both committees to vote next month. She added that the full Senate could consider the legislation early next year. She also said the Senate version functions as the companion to the House bill. Earlier drafts leaned more Republican, yet the upcoming version will be bipartisan to secure enough support for passage.
As discussions advance, one pivotal question emerges: Can lawmakers find common ground on DeFi, enforcement, and regulatory jurisdiction before the markup deadline arrives?
Debate Intensifies Over DeFi and Enforcement Powers
A leaked six-page proposal from Senate Democrats brought new attention to decentralized finance. The proposal would require the Treasury Department and other regulators to determine when an entity or individual “exercises control or sufficient influence.” Industry groups said the approach could restrict or eliminate DeFi activity by placing liability on decentralized platforms for user actions.
This criticism prompted separate meetings with crypto industry representatives. Attendees included leading blockchain companies, policy institutes, and advocacy groups. Among them was Kristin Smith, president of the Solana Policy Institute. Smith said some Democrats want to strike a deal and complete the work, although disagreements continue. The disputes center on DeFi, enforcement powers, and the SEC’s future role.
Related: Senate Democrats’ Crypto Plan Faces GOP Pushback and Industry Warnings
Industry Leaders Join the Final Push
Coinbase CEO Brian Armstrong traveled to Washington, DC, this week. He said he is “pushing for market structure legislation” and said there has been “a lot of progress.” He also said, “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 added that the milestone would help unlock crypto with clear U.S. rules, benefiting all companies.
