Senate Republicans are intensifying their efforts to advance the long-stagnant crypto market structure legislation. They have presented what they term a “closing offer” to Democratic negotiators, as Banking Committee Chair Tim Scott (R-S.C.) prepares for a committee markup anticipated for next week.
On Monday evening, Republicans from the Senate Banking Committee submitted a document outlining a series of proposed changes to the bill ahead of a bipartisan meeting scheduled for Tuesday.
This document, characterized as a “closing offer and state of play,” details over 30 revisions to Title I, which pertains to the legal classification of digital assets. Additionally, it introduces two new titles focused on investor protections and the mitigation of illicit finance, as reported by POLITICO.
The proposal was distributed to Democratic negotiators by Scott, along with GOP senators Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio).
On Tuesday morning, lawmakers convened in Scott’s office to review the proposal and address unresolved issues omitted from the document.
This renewed initiative coincides with Scott’s plan to initiate a markup on the crypto bill next week, according to Punchbowl News.
Senator John Kennedy (R-La.) informed Punchbowl that the Senate Banking Committee aims for the markup to occur on January 15, although the committee is expected to release an updated bill draft prior to this date.
Reactions to Crypto Legislation
Democrats continue to advocate for concessions that constitute significant sticking points in the negotiations.
Key demands include the introduction of ethics provisions aimed at preventing elected officials—particularly members of the Trump family—from benefiting financially from crypto enterprises, as well as assurances regarding Democratic appointments to leadership positions at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Furthermore, lawmakers are deliberating whether crypto firms should be permitted to offer yield-bearing products that would compete with traditional banking institutions.
Despite these outstanding concerns, momentum appears to be building. Senator Catherine Cortez Masto (D-Nev.), a moderate Democrat on the Banking Committee involved in the negotiations, expressed her expectation for a markup next week, characterizing discussions as “very productive” and open on both sides, as reported by POLITICO.
However, it remains uncertain whether a bipartisan agreement can be achieved within Scott’s proposed timeline. Lawmakers are contending with a tight legislative calendar, with a January 30 deadline for federal spending looming to prevent a government shutdown, alongside increasing political pressure in advance of the midterm elections.
If Scott proceeds with a markup without the support of Democrats, it may compel negotiators to take public stances on a bill that has yet to reconcile fundamental philosophical differences concerning regulation, enforcement authority, and decentralized finance.
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