U.S. Cryptocurrency Regulatory Developments Update: Senate Committee Timeline Announced

U.S. crypto bill back on track! – Senate vote expected ‘early next year’

The long-awaited U.S. crypto bill has finally got a new timeline, with the Senate Banking Committee Chair, Senator Tim Scott, announcing plans to mark up the crypto market structure bill next month. This move is seen as a crucial step towards getting the legislation across the finish line and potentially unlocking the industry’s true potential.

As per Scott’s statement on Fox Business, the committee will begin reviewing the proposed bill early next year. This timeline provides some much-needed clarity for stakeholders in the crypto space, which has been eagerly awaiting a regulatory framework that aligns with global standards.

Coinbase CEO Brian Armstrong believes that there is a good chance of getting the bill passed by December, assuming that all goes according to plan. He further emphasized the significance of clearing the hurdles, stating that it would be a huge milestone in terms of unlocking crypto for American companies and investors alike.

However, not everyone is convinced about the ease with which this goal can be achieved. Cody Carbone, CEO at Digital Chamber, a blockchain trade association, cautions that getting the bill through might not be as straightforward as some hope. He emphasizes the need for the committees to come together and create a cohesive product before moving forward.

The road ahead is expected to be filled with challenges, primarily centered around DeFi regulation. This contentious issue has been a major sticking point throughout the entire legislative process. The Senate Agriculture Committee recently released a draft discussion paper that paves the way for further feedback on this topic.

It remains unclear whether these deliberations will help resolve the deadlock or merely prolong the negotiations. For now, though, stakeholders can take solace in the fact that there is at least a clear path forward, with Scott’s commitment to mark up the bill next month offering some much-needed hope for a long-stalled process.

This article has been edited by Jacob Thomas

Source: ambcrypto.com