The chairman of the Senate Banking Committee is expected to vote on the cryptocurrency market structure bill next month

According to The Block, Tim Scott, chairman of the U.S. Senate Banking Committee, stated on Tuesday that he plans to push for a vote on the cryptocurrency market structure bill in the committee next month.

Tim Scott said in an interview, "By the end of this year, we believe we can mark up and vote in both committees and submit the bill for a full Senate vote early next year, to be signed into law by President Trump." Since the market structure legislation involves the regulation of securities and commodities, it requires approval from both the Senate Banking Committee and the Agriculture Committee. Tim Scott stated that this legislation will protect consumers while helping to solidify the United States' position as the world's strongest economy for the next century. The Republican senator had pushed for the bill to be passed before September this year but was unsuccessful, attributing the failure to obstacles from the Democratic side.