U.S. cryptocurrency bill is set to be voted on next month, says Senate Committee chair.

Source: PortaldoBitcoin Original Title: US cryptocurrency bill set to be voted on next month, says Senate Committee chair Original Link: The chairman of the Senate Banking Committee in the United States, Tim Scott, stated on Tuesday (18) that he intends to bring the cryptocurrency market structure bill to a vote next month.

“We believe that by the end of this year, next month, we will be able to analyze and vote on the project in both committees and bring it to the Senate floor early next year, so that President Trump can sign it,” Scott said on the Fox Business program “Mornings with Maria.”

As it is a project that addresses both cryptocurrencies considered securities and those treated as commodities, it needs approval from the Banking and Agricultural Committees of the U.S. Senate.

According to Scott, this new legislation would protect consumers and at the same time help consolidate the dominant position of the U.S. as the most powerful economy in the world in the next century. The Republican senator tried to pass the bill by September of this year, but was unsuccessful and blamed the Democrats.

“Democrats have delayed, delayed, and delayed because they do not want President Trump to make the United States the world capital of cryptocurrencies,” Scott said during his appearance on the television program. “It's not just for President Trump, it's for the American people.”

A few months ago, the Chamber of Deputies approved a bill for the structure of the cryptocurrency market, called the CLARITY Act, but now the American Senate is working on its own version of the text.

With this project, the Senate Banking Committee, led by Republicans, seeks to delineate the jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as to create a new term for “ancillary assets” to clarify which cryptocurrencies are not securities.

However, the republicans will need the support of the democrats to pass the bill.

Recently, a proposal from Democratic senators was leaked. With six pages, the document focused on decentralized finance (DeFi) and would task the Department of the Treasury and other financial regulators with defining when an entity or person “exercises sufficient control or influence.” This draft generated strong criticism from members of the cryptocurrency sector, with some arguing that it would essentially ban DeFi.

After the incident, both the Democratic and Republican senators held meetings with industry leaders to try to amend the text and find a solution that satisfies all sides.