Senate Banking Committee Advances Cryptocurrency Regulation Bill

According to BlockBeats, the Senate Banking Committee is set to advance a comprehensive bill aimed at regulating the cryptocurrency industry. Despite uncertain prospects, there is a hint of optimism surrounding the bill's progress. Sources indicate that members of both the Democratic and Republican parties met on Tuesday to discuss the legislation. Tim Scott, the Republican chairman of the Senate Banking Committee from South Carolina, is actively pushing for a hearing to amend and vote on the bill this month. Punchbowl News reported on Tuesday that Scott informed lawmakers and staff that he plans to hold a revision meeting for the crypto market structure bill by January 15, regardless of bipartisan support. Scott later confirmed in an interview with Breitbart News that his committee will hold the revision meeting on January 15. In the interview with Breitbart News, Scott stated, "I believe we must have a public record and vote, so next Thursday we will vote on the market structure bill. Over the past six months, we have worked tirelessly to ensure every committee member has access to multiple draft versions." However, insiders noted that as of Tuesday, the bill may still lack sufficient support from either party.