The Chairman of the U.S. Senate Banking Committee is expected to vote on the Cryptocurrency Market Structure Bill next month

On November 19th, as reported by The Block, Senator Tim Scott, the chairman of the U.S. Senate Banking Committee, said on Tuesday that he intends to urge the committee to conduct a vote on the cryptocurrency market structure bill next month. During an interview, Tim Scott stated, "By the end of this year, that is, next month, we believe we can hold a markup and vote in two committees and submit the bill to the full Senate for a vote early next year so that President Trump can sign it into law." Since this market structure legislation pertains to both securities and commodities regulation, it requires the approval of both the Senate Banking Committee and the Agriculture Committee. Tim Scott mentioned that this legislation will safeguard consumers while assisting in consolidating the U.S.'s position as the world's strongest economy in the next century. The Republican senator had been advocating for the passage of this bill prior to September this year but was unsuccessful, attributing it to obstruction from the Democratic side.