Senate Banking Committee Targets January Vote on Crypto Bill

The cryptocurrency regulatory bill is moving forward, with Senate Banking Committee Chairman Tim Scott scheduling a vote for January 15, despite uncertain bipartisan support.

The bill could redefine crypto markets by clarifying digital asset classification, impacting Bitcoin, Ethereum, and altcoins.

January 15 Set for Crypto Bill Markup Vote

On January 15, Senate Banking Committee Chairman Tim Scott has marked the date for a vote on the crypto market structure bill. Despite unresolved bipartisan issues, he revealed that all committee members reviewed draft versions over six months. According to insiders, discussions took place between Democratic and Republican members. Democratic negotiator Catherine Cortez Masto highlighted productive conversations, while remaining ethical issues linger.

Bipartisanship remains uncertain, with reports of insufficient party support as of now. The crypto market structure bill aims to clarify regulations around digital asset classifications and investor protections. It could significantly impact Bitcoin, Ethereum, and other digital and altcoin markets by aiming to establish clearer regulations on exchanges and DeFi products.

In the broader market, response remains muted as stakeholders await further clarity. Chairman Scott’s public statements emphasized transparency, stating, “We must have a public record and vote.” As the January 15 deadline approaches, the anticipation among investors and industry experts continues, particularly given the potential for regulations that could redefine the U.S. crypto landscape.

Bitcoin Price Trends Amid Regulatory Talk

Did you know? The proposed crypto market structure bill aims to provide regulatory clarity, a stark contrast to the previously stalled attempts over the past few years, reflecting shifting policy priorities in financial regulation.

Bitcoin (BTC) is currently priced at $92,394.51, with a market cap of $1.85 trillion according to CoinMarketCap. In the last 24 hours, trading volume reached $53.95 billion, marking a 12.33% change. Price adjusted down by 1.60% over 24 hours but notably rose by 4.24% over the past week.

Experts from Coincu note that the proposed regulations could possibly reinforce investor trust in major cryptocurrencies while creating a more structured environment for new entrants. Future legislative adjustments, pivotally addressed with current technology and market trends, could dictate asset performances as regulatory frameworks evolve.