Major Crypto Bill Set to Pass Soon, Senate Banking Committee Chair Reveals

Tim Scott, the chairman of the U.S. Senate Banking Committee, has predicted that crypto market-structure legislation could be passed by August. 

The comprehensive bill, which addresses the regulatory treatment of digital assets, was originally introduced back in September 2023.  

Scott claims that the committee was able to accomplish several milestones during the first 100 days. 

The committee passed the GENIUS Act, which is meant to regulate stablecoin payments, in March. Notably, five Democrats joined Republicans to advance the bill. Massachusetts Senator Elizabeth Warren, a notable critic of the cryptocurrency industry, said that the bill could put the US economy and national security “at risk.”   

During the same month, it also passed the FIRM Act, which is meant to address persistent debanking concerns. However, the legislation has attracted some criticism, with the American Economic Liberties Project (AELP) describing it as a “regulatory giveaway to Wall Street.” 

Scott stated that the U.S. should promote innovation before regulation during the recent interview with Fox News. He added that former SEC Chair Gary Gensler “just didn’t like crypto.” 

According to Scott, allowing crypto innovation to flourish in the U.S. is “critical” to American dominance across the globe. 

Last year, Scott described cryptocurrencies as the “next wonder” of the world. 

In January, the U.S. Senate created the first digital assets subcommittee, which is spearheaded by pro-crypto Wyoming Senator Cynthia Lummis.