Senate talks to rewrite stalled crypto market-structure bill are quietly moving forward, the chairman of the Senate Banking Committee said Tuesday.
Senator Tim Scott, who oversees the stalled legislation, told attendees at the Digital Chamber’s DC Blockchain Summit that negotiators could circulate a new draft — at minimum covering stablecoin provisions — as soon as this week. Stablecoin yield has been the flashpoint in public debate over the bill, but Scott said lawmakers remain engaged behind the scenes and progress is being made.
“I believe that this week we will have the first proposal in my hands to take a look at,” Scott said, adding that seeing a written proposal would show whether the outlines discussed so far actually hold up in draft form. “If that's the case, I think we're gonna be in much better shape.”
Scott credited bipartisan work on the yield issue to Democratic Senator Angela Alsobrooks, Republican Senator Thom Tillis and White House crypto adviser Patrick Witt. He also said negotiators have been resolving other sticking points over the past month, including scrutiny of former President Donald Trump and his family’s crypto projects, the absence of bipartisan commissioners at key regulatory agencies, and know-your-customer (KYC) rules.
“We're very close to landing the plane on the ethics issue, on quorum,” Scott said, noting that the quorum and ethics concerns were priorities for Democrats. He pointed to recent movement on nominations to regulatory posts as encouraging. Scott also flagged DeFi and anti-money-laundering (AML) provisions as areas of active negotiation — issues that Senator Mark Warner has pressed strongly.
If a new draft does appear this week and withstands scrutiny, Scott suggested it could mark a turning point in efforts to rewrite U.S. crypto market structure — a development market participants will be watching closely.
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