"The document, described as a "closing offer and state of play," includes more than 30 revisions to Title I, which governs the legal classification of digital assets, as well as two new titles focused on investor protections and combating illicit finance, according to POLITICO. The proposal was sent to Democratic negotiators by Scott and fellow GOP senators Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio)."
"Those include demands for ethics provisions aimed at preventing elected officials - including members of the Trump family - from profiting from crypto businesses, as well as guarantees that Democrats are appointed to leadership roles at the Securities and Exchange Commission and Commodity Futures Trading Commission. Lawmakers are also debating whether crypto firms should be allowed to offer yield-bearing products that could compete with traditional banks."
"Senate Republicans are reportedly escalating efforts to advance the long-stalled crypto market structure legislation, delivering what they described as a "closing offer" to Democratic negotiators as Banking Committee Chair Tim Scott (R-S.C.) moves toward a committee markup as soon as next week. Senator John Kennedy (R-La.) told Punchbowl that the Senate Banking Committee is targeting Jan. 15 for the markup, though the committee would likely need to release an updated bill draft beforehand."
Senate Banking Committee Republicans sent a document labeled a "closing offer and state of play" proposing more than 30 revisions to Title I and adding two new titles focused on investor protections and combating illicit finance. The proposal was sent by Chair Tim Scott alongside GOP senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno and was reviewed in a bipartisan member meeting. Scott is moving toward a committee markup, with the panel targeting Jan. 15 if an updated draft is released. Democrats continue to press for ethics provisions, SEC and CFTC leadership guarantees, and limits on yield-bearing crypto products.
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