U.S. Senate votes on cryptocurrency bill next week

Source: PortaldoBitcoin Original Title: U.S. Senate votes on cryptocurrency bill next week Original Link: Senator Tim Scott, chairman of the influential U.S. Senate Banking Committee, announced on Tuesday (6) that he will bring the group’s cryptocurrency market structure bill to a crucial vote next week — despite concerns that this could jeopardize the legislation’s chances of passing this year.

For months, a bipartisan group of pro-cryptocurrency Democrats and Republicans negotiated the drafting of the extensive bill, which would establish a regulatory framework for most of the American crypto sector. Pro-cryptocurrency groups have invested years and hundreds of millions of dollars to build bipartisan support for their desired legislation in Washington.

However, partly due to the complexity of the bill, Democratic senators — and some undecided Republicans — refused to heed calls from the White House and others to hold the vote within specific deadlines. Initially, pro-cryptocurrency Republicans wanted the bill approved by July; then by October; then by the end of 2025. Each deadline came and went without a vote.

Now, Scott seems determined to hold a crucial vote on the legislation by next Thursday, January 15 — whether his colleagues are ready or not.

“I think it’s important that we record our position and vote,” Scott said on Tuesday. “So, next Thursday, we will have a vote on the market structure. We have worked tirelessly over the past six months to ensure that multiple versions were available to all committee members.”

The vote will determine whether the bill can be approved by the Senate Banking Committee — a critical hurdle before the final consideration of the bill on the Senate floor. However, it is still unclear whether the majority of committee senators are prepared to support the legislation in its current form.

Obstacles to the bill

Major cryptocurrency lobbyists were already skeptical about the bill’s chances of passing this year, even under less urgent circumstances. Following Scott’s announcement of an accelerated voting schedule on Tuesday, some crypto industry leaders openly expressed concern about the implications of the strategy.

“We need to delay the review hearing if there is no bipartisan consensus, if there is any hope of an agreement,” said Scott Johnsson, partner at Van Buren Capital and a frequent commentator on crypto policies.

On Tuesday, negotiators from both parties in the Senate, along with White House officials, met to discuss the Republicans’ “final offer” on the draft of the market structure bill. A copy of the so-called final offer lists a series of key issues still unresolved.

Among them: “ethics,” likely an abbreviation for the thorny issue of conflict of interest provisions that restrict the ability of the president, members of Congress, and their families to engage in cryptocurrency-related ventures.

Also on the list were “yield,” a reference to existing rules on the yield of stablecoins that the powerful banking sector desperately wants to change, and “quorum.”