Senate Republicans are pressing ahead with a committee vote next week on legislation aimed at regulating the U.S. bitcoin industry, even as Democrats signal frustration with the pace and unresolved demands.
Markup set for January 15
Sen. Tim Scott, chair of the Senate Banking Committee, said Friday evening the panel will hold a markup hearing on January 15.
A markup is the stage where senators debate and vote on amendments before deciding whether to advance a bill to the full Senate.
Scott argued lawmakers have had months of bipartisan work and said it was time to move the bill forward.
He said in a statement:
“It’s time to move this forward.”
Agriculture Committee timeline still unclear
The Senate Agriculture Committee, led by Sen. John Boozman, is also expected to vote on related market structure legislation.
However, people familiar with negotiations have suggested Sen. Cory Booker, the top Democratic negotiator on the panel, could delay the committee’s schedule.
A spokesperson for Boozman’s committee told CoinDesk:
“Chairman Boozman remains committed to advancing a bipartisan bill and good-faith discussions are continuing.”
Democrats’ votes and ethics demands
Backers will need seven Democrats to support a final Senate bill that President Donald Trump could sign into law.
Democrats have pushed for language that would block senior government officials from profiting off the bitcoin sector, with Trump cited as a key concern.
Sen. Ruben Gallego reportedly described that restriction as a “red line” for his support.
Drafting and industry pressure
Sen. Cynthia Lummis posted an image she described as the first page of a working draft of the Responsible Financial Innovation Act.
If both committees pass their versions, the bills would be combined ahead of a full Senate vote.
The legislation has also drawn pushback from traditional finance lobbyists over issues including stablecoin yield and decentralized finance protections.
