Senate Banking Committee Aims for Crypto Bill on Trump's Desk by Early 2025

Senate Eyes Early 2025 for Crypto Market Structure Bill

Senate Banking Committee Chair Tim Scott has announced his intention to advance a bill establishing a comprehensive market structure for cryptocurrencies, with the goal of having it signed into law by President Donald Trump by early next year.

Speaking to Fox Business on Tuesday, Scott indicated that the committee is actively engaged in negotiations with Democratic senators to reach a consensus. However, he also accused the Democrats of employing stalling tactics.

"We believe we can mark up in both committees next month and get this to the floor of the Senate early next year, so that President Trump will sign the legislation, solidifying America's position as the crypto capital of the world," Scott stated.

The House of Representatives previously passed the CLARITY Act in July, which delineates the regulatory powers of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) over the crypto market. The Senate is currently developing its own version of the bill.

Republicans on the Senate Banking Committee released a discussion draft of their portion of the bill in July, suggesting that it would align with the CLARITY Act. The Senate Agriculture Committee, which has jurisdiction over the CFTC, released its discussion draft on November 10, leaving many aspects of the bill open to revision.

The Banking Committee, which oversees the SEC, is leading the segments of the bill related to securities laws.

Armstrong: Clear Rules Will Unlock Crypto Potential

Coinbase CEO Brian Armstrong, in a video posted on X on Tuesday, stated that he was in Washington, DC, advocating for market structure legislation, noting “a lot of progress” has been made.

"Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter,” Armstrong said.

"This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies," he added.

Path Forward for the Crypto Bill

The CLARITY Act was one of three major crypto bills passed by the House in July following a lengthy voting session. The other two were the GENIUS Act, aimed at regulating stablecoins, and the Anti-CBDC Surveillance Act, which seeks to prohibit central bank digital currencies.

As the Senate develops its own version, the CLARITY Act will return to the House for final approval if passed by the Senate. It would then be sent to President Trump for his signature.

Republicans currently hold a majority in the Senate with 53 seats, compared to the Democrats' 47. Legislation requires 60 votes to pass.