Senate Republicans are reportedly escalating efforts to advance the long-stalled crypto market structure legislation, delivering what they described as a “closing offer” to Democratic negotiators as Banking Committee Chairman Tim Scott (R.S.C.) moves toward a committee markup as soon as next week.
Senate Banking Committee Republicans sent a document Monday night outlining a number of proposed changes to the bill ahead of a bipartisan membership meeting Tuesday.
The document, described as a “final offer and status,” includes more than 30 revisions to Title I, which governs the legal classification of digital assets, as well as two new titles focused on investor protection and combating illicit financing, according to POLITICO.
The proposal was sent to Democratic negotiators by Scott and fellow GOP senators Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.) and Bernie Moreno (R-Ohio).
Lawmakers met in Scott’s office Tuesday morning to review the offer and discuss outstanding issues not addressed in the document.
The renewed push comes as Scott prepares to hold a markup on the crypto bill into legislation next week, according to Punchbowl News.
Sen. John Kennedy (R-La.) told Punchbowl that the Senate Banking Committee is targeting Jan. 15 for the markup, though the committee will likely have to release an updated bill beforehand.
Crypto legislation pushback
Democrats have continued to push for concessions that remain major issues.
These include calls for ethics regulations aimed at preventing elected officials — including members of the Trump family — from profiting from crypto companies, as well as guarantees that Democrats are appointed to leadership roles at the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Lawmakers are also debating whether crypto firms should be allowed to offer yield-bearing products that can compete with traditional banks.
Despite these unresolved issues, momentum appears to be building. Late. Catherine Cortez Masto (D-Nev.), a moderate Democrat on the Banking Committee involved in negotiations, said she “definitely” expects a markup next week, describing negotiations as “very productive” and open on both sides, as of POLITICS.
Still, it remains unclear whether a bipartisan deal can be finalized on Scott’s timeline. Lawmakers face a compressed legislative calendar, with a Jan. 30 federal spending deadline looming to avert a government shutdown, as well as mounting political pressure ahead of the midterm elections.
If Scott proceeds with a markup without Democratic buy-in, it could force negotiators to take public positions on a bill that has yet to bridge deep philosophical divides over regulation, enforcement and decentralized finance.