TLDR
- Tim Scott said Senate negotiations on the crypto market structure bill are advancing and a new draft may arrive this week.
- He stated that lawmakers expect to review updated stablecoin language, including provisions related to yield.
- Scott credited Senators Angela Alsobrooks and Thom Tillis, along with White House official Patrick Witt, for work on yield discussions.
- He said negotiators have addressed ethics concerns linked to President Donald Trump and his family’s crypto projects.
- Scott noted that lawmakers are working to resolve quorum issues at major regulatory agencies.
Senate negotiations on the crypto market structure bill are advancing, according to Banking Committee Chairman Tim Scott. He said lawmakers expect fresh legislative text this week, including updated stablecoin language. He spoke Tuesday at the Digital Chamber’s DC Blockchain Summit and outlined ongoing bipartisan talks.
Tim Scott signals progress on market structure draft
Tim Scott said lawmakers expect to review a new draft this week. He told attendees that staff could deliver stablecoin language within days. He added that discussions have continued despite public disagreements over yield.
“I believe that this week we will have the first proposal in my hands to take a look at,” Scott said. He added that the draft would show whether talks align with prior negotiations. “If that actually happened before the end of this week, and I think that it will, we’ll at least know that the sketch looks like the person,” he said.
He credited Senator Angela Alsobrooks and Senator Thom Tillis for their work on yield. He also credited White House official Patrick Witt for participating in discussions. He said lawmakers stayed engaged even as stablecoin yield drew debate.
Lawmakers address ethics, quorum, and AML concerns
Scott said negotiators have worked through ethics concerns in recent weeks. He pointed to questions about President Donald Trump and his family’s crypto projects. He said lawmakers also addressed quorum issues at major regulatory agencies.
“I think we’re very close to landing the plane on the ethics issue, on quorum,” Scott said. He noted that bipartisan commissioners remain a priority for Democrats. He said the committee has moved forward with some nominations.
Scott said lawmakers have also focused on know-your-customer rules. He described anti-money laundering measures as central to talks. He said Senator Mark Warner has pressed negotiators on decentralized finance oversight.
“I think the issue of DeFi is something that Mark Warner’s held on tightly, AML being a very important part,” Scott said. He said negotiators continue to refine language on compliance standards. He stated that discussions over oversight have narrowed differences.
Scott said talks have intensified over the past month. He stated that staff from both parties have exchanged proposals. He said lawmakers want clear rules for stablecoin issuance and oversight.
He said negotiators aim to balance innovation and compliance. He stated that members want durable language that can secure bipartisan backing. He said the committee will review the draft once staff finalize the text.
Scott did not provide a release date for the full bill. He said lawmakers will evaluate the proposal before scheduling further action. He indicated that progress on stablecoin yield could shape the next steps on the broader market structure package.
