Senate Banking Committee Chair Tim Scott says he aims to move forward with a crypto market structure bill in December. His goal is to have the legislation reach President Donald Trump’s desk in early 2026.
Scott told Fox Business on Tuesday that Republicans have been working with Democrats to finalize the bill. However, he accused Democratic senators of slowing progress. He said both relevant committees could complete their markups next month, allowing the bill to reach the Senate floor early next year.
The House passed the CLARITY Act in July. The bill defines how the Commodity Futures Trading Commission and the Securities and Exchange Commission should regulate the crypto market. The Senate has been developing its own version of the legislation.
Republicans on the Senate Banking Committee released a draft of their proposal in July. They expect it to align with the CLARITY Act. The Senate Agriculture Committee, which oversees the CFTC, released its own draft on November 10, leaving several parts open for revision. The Banking Committee, which oversees the SEC, is leading the sections dealing with securities rules.
Industry leaders push for clearer crypto rules
Coinbase CEO Brian Armstrong said in a video posted on X that he was in Washington pushing for stronger regulatory clarity. He noted that Senate Banking Committee members have been working intensively on the bill and that a December markup is possible. Armstrong said the legislation could “unlock crypto” in the United States by establishing clear rules for companies.
What happens next
The CLARITY Act was one of three major crypto bills passed by the House in July after a long voting session. Lawmakers also advanced the GENIUS Act, which covers stablecoin rules, and the Anti-CBDC Surveillance Act, which would ban a central bank digital currency.
If the Senate passes its version of the market structure bill, the CLARITY Act will return to the House for final approval. It would then be sent to President Trump for signing.
Republicans currently hold 53 Senate seats, while Democrats hold 47, meaning most major legislation still requires 60 votes to advance.
