The US Senate has taken a significant step towards the long-awaited legislation regulating the cryptocurrency market.
The Senate Banking Committee has scheduled a markup hearing on the bill regulating the cryptocurrency market for Thursday, January 15.
A markup session is known as a committee stage in the U.S. Congress and refers to the formal meeting where a bill is finalized before being put to a vote.
The date in question was first mentioned by Digital Chamber of Commerce CEO Cody Carbone during a live broadcast on December 19th. While multiple sources have confirmed the date, the official announcement is expected next week.
However, it is still unclear whether sufficient compromise was reached between Republicans and Democrats during the Christmas holiday. It remains uncertain whether a consensus has been reached among committee members and advisors that both parties could easily approve with a “yes” vote.
Previous markup initiatives planned for 2025 had failed due to disagreements over issues such as how DeFi should be regulated, which tokens should be classified as securities and which as commodities, and whether stablecoin issuers should be allowed to offer rewards to users. These issues have been ongoing since Congress adjourned on December 19th.
While the bill could technically pass the Banking Committee without Democratic support, it will face a more difficult process in the Senate floor. After being combined with the relevant section of the Senate Agriculture Committee bill, it will require at least 60 votes to conclude the debate, effectively making Democratic support mandatory.
Prior to the holiday, Senate Banking Committee Chairman Tim Scott announced that “significant progress” had been made with the Democrats. Some industry representatives who attended bipartisan meetings with committee members also expressed optimism that the bill would enter the new year on a strong footing.
*This is not investment advice.