Overview
- Senate Banking Chair Tim Scott said the committee will hold a Jan. 15 markup on the market‑structure bill, though an updated draft is still expected and support on the panel remains unclear.
- Unresolved issues include conflict‑of‑interest and ethics provisions linked to President Trump’s crypto ties, DeFi safeguards and money‑transmitter rules, limits on stablecoin yield, and regulator quorum and Treasury authorities.
- Scott has indicated he could proceed without Democratic backing if talks stall, while Senator Cynthia Lummis and several lobbyists warn a one‑sided markup could weaken the bill’s path on the Senate floor.
- White House engagement and lobbying are intensifying, with crypto czar David Sacks meeting senators and industry groups planning a Capitol Hill push as major banks lobby to curb stablecoin yield.
- TD Cowen projects legislation is more likely to pass in 2027 with rules taking effect around 2029; despite House passage in 2025, the Senate still needs Banking and Agriculture markups, 60 votes, and industry reports cite market strain, including $952 million in weekly outflows tied to uncertainty.