Sen. Tim Scott (R-SC), chair of the powerful Senate Banking Committee, announced Tuesday he will bring the group’s crypto market structure bill up for a key vote next week—despite concerns that doing so could doom the legislation’s odds of passage this year.
Now, Scott appears dead-set on having a key markup vote on the legislation by next Thursday, January 15—whether his colleagues are ready or not.
The vote will determine if the bill can pass out of the Senate Banking Committee—a key hurdle before a final consideration of the bill on the Senate floor. It is currently unclear, however, whether a majority of senators on the committee are prepared to support the legislation in its current form.
Salman Banaei, general counsel at Plume, had a pessimistic view of next week’s vote given the unresolved state of current negotiations.
“If markup is next week and the current state of the negotiations has yielded a GOP ‘closing offer’ to Senate Dems, I'd say prognosis is poor for a bipartisan vote,” he said.
