U.S. Crypto Bill Back on Track! Senate Vote Expected ‘Early Next Year’

by

Key Takeaways

Why is the new timeline crucial?

Ah, the glorious march towards unlocking crypto, says Coinbase CEO. Apparently, getting this all wrapped up by early next year would do wonders. A bit like finding the key to a treasure chest, but with more blockchain and fewer pirates. 🏴‍☠️

Can it get final passage as planned?

Well, DeFi regulation still seems to be the fly in the ointment, and there’s talk of another possible holdout from the Democrats. One might say this bill has more drama than a soap opera. 🎭

Senate Banking Committee Chair, Senator Tim Scott, has a plan. He claims that the markup of the crypto market structure bill will happen next month. He told Fox Business on November 18th,

“Next month, we believe that we can mark up, in both committees, and get this to the floor of the Senate early next year.”

Of course, Scott had initially set a September deadline, but he cheekily blamed the Democrats for “stalling” the whole operation. Ah, the political drama continues. 🍿

This, of course, referred to the holdout led by the ever-controversial Reuben Gallego, who proposed a DeFi regulation that practically caused an industry-wide meltdown. The bill’s momentum? Nearly a distant memory. 😬

However, Jane Garza, the spokesperson for Gallego, wasn’t having any of it, responding with:

“Taking the time necessary to produce a strong, bipartisan product is not the same thing as stalling, and implying that Democrats don’t want to get this done isn’t productive.”

Fast forward to late October, after some serious lobbying from crypto leaders, Congress appears to have regained its composure. November rolls in, and the Senate Agriculture Committee – bless their hearts – finally releases a draft discussion paper, cleverly leaving the DeFi section for “further feedback.” Oh, joy. 👀

This is all part of the pre-markup process, where they attempt to stitch together drafts from both committees into something resembling coherent legislation. Fingers crossed, eh? 🤞

What’s next after the mark-up?

Now, markups, you see, are the vital crossroads in the legislative process. This is when the committees huddle together, roll up their sleeves, and refine the proposed bill. Kind of like chefs in a kitchen, but with more paperwork and fewer aprons. 🍳

Once they’ve tweaked, revised, and essentially performed magic on the draft, the committee votes. If they’re happy with the final result, it moves to the Senate floor for the main event: debate and voting. Think of it as a grand finale in a political reality show. 🎬

For the Senate Banking Committee, their draft focuses on the SEC’s portion, covering things like securities and investor protections. But here’s the kicker: as of now, only the Republicans have had their say. The Democrats? Still waiting for their moment in the sun. 🌞

Will the DeFi regulation rear its ugly head again and cause another hiccup? Stay tuned, folks. It’s like a political cliffhanger. 🏰

Coinbase CEO Brian Armstrong remains optimistic, claiming there’s a “good chance” of this all being wrapped up by December. And with a bit of luck, President Donald Trump might even sign it off soon after. He said:

“This would be a big milestone to get crypto unlocked with clear rules in the U.S., which would benefit all companies.”

But not everyone is so starry-eyed. Cody Carbone, CEO of Digital Chamber (some sort of blockchain trade association, one presumes), issued a word of caution. He warned:

“This bill only works if these committees get together and they make one product.”

Well, isn’t that the understatement of the year? If only they could make one product that actually passes without a few dozen dramatic pauses. 🍿

Read More

2025-11-19 13:43