At the SALT conference in Jackson Hole, Wyoming, U.S. Senator and Senate Banking Committee Chairman Tim Scott predicted that between 12 and 18 Democrats may support the proposed market structure legislation. Scott expressed his optimism about the bill's prospects, stating, "I believe that we'll have between 12 and 18 Democrats at least open to voting for market structure." However, he acknowledged the challenges posed by opposition from certain Democrats, such as Senator Elizabeth Warren. The market structure bill is highly anticipated by the industry, as it will determine how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will regulate digital assets, including spot crypto markets, in the United States.
Although Congress has passed the GENIUS Act, which addresses stablecoins, the market structure legislation is still pending. The Senate Banking Committee released a discussion draft of the bill in July, outlining the proposed regulatory framework for digital assets. To move forward, the bill will require input from the Democratic Party and at least 60 votes in the Senate. Additionally, the House and Senate must either vote on the same bill or reconcile their differences.
The Senate Banking Committee's discussion drafts have significantly diverged from the House's Clarity Act, and the Senate Agriculture Committee has yet to release its own discussion draft.