Washington, DC – The Senate’s stalled crypto market structure bill is making progress behind the scenes, the chair of the body’s Banking Committee said Tuesday.
Senator Tim Scott, who heads the banking panel overseeing the market structure bill, said at the Digital Chamber’s DC Blockchain Summit that lawmakers could see a new draft of stablecoin language at least this week.
The stablecoin yield market structure has been the most publicly debated issue in the bill, Scott said, but lawmakers are engaged.
“I believe I will have the first proposal in my hands this week for consideration,” he said. “If that actually happens before the end of this week, and I think it will, we’ll at least know what the sketch looks like of that person. If that’s the case, I think we’ll be in a much better place.”
He credited Democratic Senator Angela Alsobrooks, Republican Senator Thom Tillis and the White House’s Patrick Witt for their efforts on the yield.
Other outstanding issues have also been discussed, particularly in the past month, he said, pointing to U.S. President Donald Trump and his family’s crypto projects, the lack of bipartisan commissioners at key regulatory agencies and lawmakers’ concerns about know-your-customer rules.
“I think on the ethics issue, based on quorum, we’re very close to having to land the plane,” Scott said. “We know this is a big issue for our friends on the other side of the aisle, so we’re addressing that as well. I think we’re moving forward with some [nominations]Which is great news that we were able to get something from the other side. I think the issue with DeFi is something like this [Senator] Mark Warner holds AML tight [anti-money laundering] A very important part. So I think we’re working on that issue.”