WASHINGTON, DC – The Senate’s stalled crypto market structure bill is moving forward behind the scenes, the chair of the body’s Banking Committee said Tuesday.
Senator Tim Scott, who heads the banking panel overseeing the market structure bill, said at the House of Representatives’ DC Blockchain Summit that lawmakers could see a new draft of at least one stablecoin language as soon as this week.
The performance of stablecoins has been the most publicly debated topic in the market structure bill, but lawmakers have remained engaged, Scott said.
“I think this week we will have the first proposal in my hands to take a look at,” he said. “If that really happened before the end of this week, and I think it will, at least we’ll know that the sketch looks like the person. If that’s the case, I think we’ll be in much better shape.”
He credited Democratic Sen. Angela Alsobrooks, Republican Sen. Thom Tillis and the White House’s Patrick Witt for their performance efforts.
Other outstanding issues have also been negotiated, particularly over the past month, he said, pointing to concerns lawmakers had about the crypto projects of US President Donald Trump and his family, the lack of bipartisan commissioners at major regulatory agencies and “know your customer” regulations.
“I think we’re very close to landing the plane on the ethics question, on the quorum,” Scott said. “We know that’s a big problem for our friends on the other side of the aisle, so we’re addressing that as well. I think we’re moving forward with some things.” [nominations]which is great news because we were able to get something out of the other side. I think the DeFi issue is something that [Senator] Mark Warner stands firm, AML [anti-money laundering] being a very important part. So I think we’re working on that.”
