GOP Crypto Bill Faces Setback as Senator Warns “We’re Not Ready”
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Hassan Shittu
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Hassan Shittu
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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
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Senate Republicans are facing fresh internal divisions over digital asset legislation, with a senior member of the Banking Committee signaling that efforts to advance a landmark cryptocurrency market structure bill could stall this month.
Sen. John Kennedy (R-La.) said on Wednesday that he does not believe the committee is prepared to move forward, casting doubt over Chairman Tim Scott’s pledge to mark up the bill before the end of September.
“I don’t think we’re ready,” Kennedy told reporters. “People that I talk to still have a lot of questions. I know I still have a lot of questions.” His comments represent the clearest sign yet of resistance inside GOP ranks.
Kennedy previously expressed concern that the bill, which would divide oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), could give the crypto industry too much sway over the legislative process.
His warning sets him at odds with Scott and other Republicans who have made completing a market structure bill a top priority.
Kennedy Pushback Threatens Scott’s September Deadline for Digital Asset Legislation.
A spokesperson for Scott emphasized that Banking Committee Republicans believe advancing a bipartisan framework is “long overdue.”
Jeff Naft, speaking on behalf of Scott, said lawmakers have been working since June toward a September markup, citing thousands of pages of feedback and consultations with roughly 160 stakeholders. “The House has already acted, and the Senate should not fall behind,” Naft said.
The House passed its own version of the legislation, known as the CLARITY Act, in July. Meanwhile, Senate Republicans introduced the GENIUS Act earlier this summer, creating new rules for stablecoins pegged to the U.S. dollar.
But Kennedy dismissed that earlier measure as only a “baby step” compared to the broader market structure overhaul now on the table. “This is a full leap,” he said. “And we’ve got to get it right.”
The split within GOP ranks threatens to derail Scott’s self-imposed September 30 deadline. The South Carolina senator, who serves as ranking member of the Senate Banking Committee, has spent months positioning his caucus to move forward.
In June, Scott and colleagues, including Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), and Bill Hagerty (R-Tenn.), released a set of principles outlining how they want digital assets regulated.
The framework called for clear distinctions between securities and commodities, a shared oversight model between the SEC and CFTC, and anti-money laundering provisions designed to be “pro-innovation.”
The principles also encouraged regulators to employ tools such as safe harbors and no-action letters to engage with crypto projects. Lummis, who chairs the Banking Committee’s digital assets subcommittee, warned at the time that the U.S. risked falling behind global peers such as the European Union and Singapore if it did not act quickly.
Scott doubled down on the urgency later that month, setting a firm September 30 deadline for completing market structure...
https://cryptonews.com/news/gop-crypto-bill-faces-setback-as-senator-warns-were-not-ready/
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