Senate Market Structure Bill Progresses Amid Ongoing Negotiations

The Senate's market structure bill is reportedly making progress, according to Senator Tim Scott, Chairman of the Banking Committee. In an address at the Digital Chamber's DC Blockchain Summit, Scott mentioned that lawmakers may receive a new draft of stablecoin language as early as this week.

Scott attributed the advancement in negotiations to the efforts of Democratic Senator Angela Alsobrooks and Republican Senator Thom Tillis, along with the White House's Patrick Witt. The group has been working to address outstanding issues, including concerns surrounding U.S. President Donald Trump's crypto projects, the lack of bipartisan commissioners at regulatory agencies, and know-your-customer regulations.

Scott expressed optimism that lawmakers are nearing a resolution on these issues, stating 'I think we're very close to landing the plane' on ethics concerns and quorum requirements. He also mentioned that some nominations have been made, which is seen as positive news. Additionally, Senator Mark Warner has been holding discussions with Scott regarding DeFi regulations and AML requirements.