Crypto News: Senator Tim Scott Calls For December Vote Regarding The Crypto Markets Bill

Lawmakers prepare for a December vote on a major US crypto bill as Coinbase urges clear rules and Congress works to finalize oversight.

Coinbase has been calling for clear digital asset rules for years. The debate in Washington now seems closer to a real breakthrough. 

Lawmakers are preparing for a December vote on a wide market structure bill that could set the first unified federal framework for crypto in the United States. 

The outcome may affect how exchanges operate, how agencies share oversight and how companies build new products.

Senator Tim Scott Pushes Senate Toward Crypto Bill Markup

Senator Tim Scott said the Senate Banking Committee is pushing to mark up the crypto market structure bill next month. 

He says that talks with Democratic senators have dragged, yet he continues to be confident that the committee can advance the bill. He even wants to move the bill to the Senate floor early next year for a final vote.

Senator Tim Scott is pushing for a committee vote on the crypto market structure bill | source: X

Scott has argued that a strong rulebook would help the United States lead the sector. He said the goal is to reach the president’s desk shortly after the vote. 

The House passed the CLARITY Act earlier this year, which sets out how the Commodity Futures Trading Commission and the Securities and Exchange Commission would divide oversight. 

The Senate has been preparing its own version that will later need to match the House bill before heading to President Donald Trump.

Coinbase CEO Calls for Clear Rules to Support Companies

Coinbase CEO Brian Armstrong posted a video on X recently, where he said he had been in Washington meeting lawmakers. He said that talks have moved ahead faster than before and added that senators and staff have been working late hours to finalize the new bill. 

This being said, he believes a successful markup in December is possible.

Coinbase CEO Brian Armstrong comments on the draft structure bill | source: X

Armstrong said that the legislation would help companies across the country by creating a more stable rulebook. He argued that clear authority for the CFTC and SEC would help the sector avoid the confusion it has seen over the last few years. 

Related Reading: Lawmakers Push Crypto Market Bill Following Coinbase Ripple Meeting

How the Bill Would Change Oversight of Digital Assets

The bill in question would designate Bitcoin and Ether as digital commodities. That move places them under the CFTC’s authority. 

The bill also stipulates rules for exchanges, where Customer funds must be kept separate. 

That requirement seeks to block practices that contributed to major failures in the past. Exchanges would also need strict conflict-of-interest policies, clear disclosures and internal controls.

Those additions are a response to gaps that were exposed during the fall of FTX. Lawmakers want a federal framework that reduces risks while allowing companies to innovate. Supporters believe that the bill could position the United States as a stronger market for regulated platforms.

In the meantime, negotiations are active. Sources say that DeFi regulation is a major point of debate and some Democratic senators worry about money laundering and other risks. 

Because of this, they want stronger checks on protocols that operate without centralized control.

The bill stands as one of the most serious efforts to set national rules for digital assets.

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