Speaking at the SALT conference in Jackson Hole, Wyoming on Tuesday afternoon, Senate Banking Committee Chairman Tim Scott said the bill has a “really good shot” of moving forward in September.
“There’s no question about the fact that this will become law,” Scott said. “The only question is how do we get it to the finish line, and when does that happen?”
The Senate is scheduled to hold a procedural vote on the crypto market structure bill on Sept. 15, a key test of whether supporters have enough votes to advance the legislation. Having a firm date could put pressure on lawmakers to settle the remaining disagreements over issues including crypto rewards, decentralized finance and ethics provisions.
Patrick Witt, executive director of the White House’s Council of Advisors for Digital Assets, also sounded upbeat about the negotiations. “We’re down to kind of more of an A-B type of environment,” Witt said. “That’s when you’re at the point where a grand bargain can be had.”
Witt said lawmakers will return to negotiations in the coming weeks and try to secure enough support for the Sept. 15 vote. The White House has not publicly responded to a proposal on the ethics provision sent by Senators Ruben Gallego and Thom Tillis. Democrats have said they’ll withhold support without a strong ethics provision.
