US Senate to Vote on Crypto Market Bill Next Month

The US Senate Banking Committee, chaired by Tim Scott, is preparing to vote on a crypto market structure bill aimed at establishing clearer regulations for the industry. The bill addresses both securities and commodities, requiring approval from both the Senate Banking and Agriculture Committees.

Tim Scott anticipates committee votes by the end of this year, aiming for Senate floor consideration early next year.
Coinbase CEO Brian Armstrong is actively supporting the bill, engaging with Congress members in Washington, D.C.
Scott accuses Democrats of delaying progress, claiming it hinders America's potential as a global crypto leader.
The bill seeks to define regulatory roles for the SEC and CFTC and introduce "ancillary assets" to clarify crypto classifications.

Brian Armstrong notes significant progress in pushing the legislation forward, hoping for a December markup of the CLARITY Act. The bill aims to provide regulatory clarity, bolster consumer protections, and support business growth in the U.S. crypto sector.