US Senate banking chair eyes vote on crypto market bill next month

U.S. Senate Banking Chair Tim Scott announced his intention to hold a committee vote on the crypto market structure bill next month, targeting a full Senate floor vote early next year for President Trump to sign. The legislation requires approval from both the Senate Banking and Agriculture committees because it covers both securities and commodities regulations. Scott stated the bill will protect consumers and secure America's economic dominance, blaming Democrats for stalling progress. The Republican-led Senate Banking Committee seeks to clarify jurisdiction between the SEC and CFTC and define "ancillary assets." This effort follows the House passing its version, the CLARITY Act, and comes amid bipartisan discussions, despite tensions following the leak of a Democratic proposal criticized by the industry.

(Source：The Block)