Overview

• Sen. John Kennedy said the committee is “not ready” for a comprehensive crypto market-structure bill and called earlier stablecoin legislation a “baby step.”
• Banking Chair Tim Scott continues to push for a Sept. 30 markup, but Kennedy’s objections signal internal Republican division over the accelerated schedule.
• With a slim GOP majority, several Democratic votes would be needed, and experts caution that traditional banks are not prepared for rapid changes to crypto market access.
• The proposed framework would split oversight between the SEC and CFTC and clarify whether digital assets are treated as securities or commodities.
• Twelve Senate Democrats unveiled a tougher alternative with stricter disclosures and ethics limits, and reports indicate the SEC and CFTC are preparing joint guidance that could widen access to spot crypto trading.