The crypto market structure bill is progressing to a possible markup by the Senate on December 8. This will involve relatively new dialogues between Republicans and Democrats.
Senate Moves Towards Fresh Progress Regarding Crypto Market Laws
According to Fox reporter Eleanor Terrett, a lawmaker told her that preparations were being made to hold a review in the week of December 8. This is an indication that talks are progressing again, months after they had stalled.
The office of Senator Tim Scott has not said anything regarding the timeline. Nonetheless, this date coincides with the timing when Scott wants a vote to pass the crypto market bill next month. As the top Republican on the Senate Banking committee, Scott has been making efforts for the bill to be reviewed before the end of the year.
The update will include legislation defining the trading rules and responsibilities of the overseers. It will also seek to establish more regulatory boundaries of the nation’s crypto market.
Senate Panels Aim to Resolve Contrasting Crypto Oversight
The committee has not issued a common draft with legislators still debating on definitions, consumer protection and dominance regulatory scope. The discussions seek clarification of when a token is classified as a commodity or security. This has influenced enforcement efforts and confusion in the industry.
Terrett also quoted a past comment by Senator John Boozman who is the chair of the agriculture committee in the senate. Boozman said he hopes his committee’s text would be ready to be read in early December.
Congress has shown broader backing for the crypto market structure bill. This is evident in their continued expression of support for the progress of the bill.
It is significant there is a coordination between the Banking and the Agriculture committees. Their collaboration indicates that they now recognize that regulations cannot continue to be fragmented.
Senate Schedule Allows More Discussions on the Crypto Bill
The Senate calendar permits another session for the lawmakers prior to the time they will go on Christmas break. A second window of action is also open within the next two weeks when the chamber will be in session.
Meanwhile, the dates set by the congress can be easily changed because of bill drafting delays and political considerations. However, the times available gives a clear indication of an attempt to present some significant improvement on the bill before the end of the year.
Source: https://coingape.com/senate-targets-dec-8-for-crypto-market-structure-bill-markup/