Senator Tim Scott has signaled that the Senate Banking Committee could hold a markup of its crypto market structure text on December 17 or 18. Scott confirmed that the committee now sees a realistic path to marking up the text before lawmakers leave Washington for the holidays.
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According to a Fox Business journalist Eleanor Terrett, the update was announced at a Christmas event celebrating crypto in Washington. Scott and Senators Bill Hagerty and Cynthia Lummis were the hosts of the event. It was held at Pubkey, the Bitcoin watering hole in D.C. This has often served as a gathering for policymakers and crypto supporters.
He claimed that the draft committee could have sufficient votes to go ahead assuming that the final plan can coincide with the availability of members. Terrett had indicated earlier that Senate leadership was hoping that markup on crypto market rules would happen in early December. Scott said that the Republicans have thirteen votes, but two or three democrats have also indicated early backing.
The remarks were delivered to around two hundred persons present at the event. The event was sponsored by the Great Opportunity Policy, which is a GOP support group dedicated to technological advancement and the growth of the economy.
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The event included the premiere of an eight-minute short movie of the same title, Crypto Capital. The movie emphasized the difficulties in passing the GENIUS Act into law. It also examined the necessity of a market structure bill in general.
The current situation regarding the crypto market structure bill was also discussed in detail. This offered a wider context of policy issues suggested in the film. Other senators were present at the event too. Senator Jon Husted participated to conduct a brief question and answer session among the colleagues.
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Trump administration officials were also present in the event. Cryptocurrency executives of a16z, Digital Chamber, Coinbase, Kraken, Crypto Council for Innovation, Crypto.com, Chainlink Labs, Ripple and CleanSpark also attended the gathering.
According to the timeline of Scott, the markup would be made a day ahead of the lawmakers going on recession. The hearing would be held towards the last hours of the session. The senate leaders had already indicated confidence that the passing of the crypto market structure bill was near.
The narrow window highlights the urgency of the supporters who desire a decision before the end of the year. Scott further indicated that attention is now to ensure that the way toward a bipartisan vote that can ensure that the bill is passed by the beginning of 2026.
Source: https://coingape.com/senator-scott-floats-december-17-18-for-crypto-market-bill-draft/
