US Senator Tim Scott: Negotiations on the Crypto Markets Structure Act are making progress

PANews reported on March 18th, citing CoinDesk, that Senate Banking Committee Chairman Tim Scott stated that behind-the-scenes negotiations for the stalled crypto market structure bill are making progress. Speaking at the DC Blockchain Summit, Scott said lawmakers could see a new draft of at least the stablecoin provisions as early as this week. He noted that stablecoin yields have been the most publicly debated issue in the bill, but lawmakers continue to engage in discussions.

Scott expressed confidence that the first proposal would be received this week and praised Democratic Senator Angela Alsobrooks, Republican Senator Thom Tillis, and White House official Patrick Witt for their efforts on the yield issue. Other outstanding issues have also been under negotiation over the past month, including lawmakers' concerns about President Trump and his family's crypto projects, the lack of bipartisan committee members at key regulatory bodies, and KYC regulations. Scott stated that ethical concerns and committee quorum issues are nearing resolution, and progress is also being made on DeFi and anti-money laundering issues.