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 Chair 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 series of proposed changes to the bill ahead of a bipartisan member meeting Tuesday.
The document, described as a “closing offer and state of play,” 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 protections and combating illicit finance, 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 unresolved issues that were not addressed in the document.
The renewed push comes as Scott prepares to hold a markup on the crypto bill on the legislation next week, per Punchbowl News.
Senator John Kennedy (R-La.) told Punchbowl that the Senate Banking Committee is targeting Jan. 15 for the markup, though the committee would likely need to release an updated bill draft beforehand.
Crypto law pushback
Democrats have continued to press for concessions that remain major sticking points.
Those include demands for ethics provisions aimed at preventing elected officials — including members of the Trump family — from profiting from crypto businesses, as well as guarantees that Democrats are appointed to leadership roles at the Securities and Exchange Commission and Commodity Futures Trading Commission.
Lawmakers are also debating whether crypto firms should be allowed to offer yield-bearing products that could compete with traditional banks.
Despite those unresolved issues, momentum appears to be building. Sen. Catherine Cortez Masto (D-Nev.), a moderate Democrat on the Banking Committee involved in negotiations, said she “definitely” expects a markup next week, describing talks as “very productive” and open on both sides, per POLITICO.
Still, it remains unclear whether a bipartisan deal can be finalized on Scott’s timeline. Lawmakers are facing 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 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 authority, and decentralized finance.