US Senate Banking Chair Reports Progress on Landmark Crypto Bill
Senate Banking Committee Chair Tim Scott postponed the vote on the ‘Clarity’ crypto market structure bill to 2026, citing ongoing bipartisan negotiations with Democrats on regulatory oversight of digital assets.
Summary
U.S. Senate Banking Committee Chair Tim Scott has delayed the committee vote on the 'Clarity' crypto market structure bill until 2026. According to a committee spokesperson, bipartisan discussions with Democrats have made progress. The legislation seeks to establish clearer oversight roles for the SEC and CFTC in regulating digital assets. Despite the delay, negotiations are ongoing to address concerns over financial stability, market integrity, and ethics.
Terms & Concepts
- SEC (U.S. Securities and Exchange Commission): The federal agency responsible for enforcing securities laws and regulating the securities industry to protect investors.
- CFTC (U.S. Commodity Futures Trading Commission): The U.S. federal agency that regulates futures and derivatives markets, including commodities and certain aspects of digital assets.
- Digital Asset: A digital representation of value, such as cryptocurrencies or tokens, that can be transferred, stored, and traded electronically.