Congress nears crypto bill markup

Crypto regulation is back in the part of Congress that actually matters — the committee room where bills either turn into law or die quietly. On April 30, Senate Banking Chair Tim Scott said the chamber is in the “red zone” on a market-structure bill for digital assets, and Sen. Thom Tillis said he wants a markup scheduled in May. That is the news. The gap is that crypto has spent years stuck between the SEC and CFTC, with firms never fully sure which rulebook applies. (theblock.co) ### What bill are they trying to move? This is the Senate’s push to build a full federal framework for crypto trading and token oversight — basically, the rules for who regulates what, when a token is treated more like a commodity tha(theblock.co)e Senate is not starting from zero here. (congress.gov) ### What happened this week? Tillis, one of the key Republican negotiators, said he had asked Scott to move forward with scheduling a hearing to amend and vote on the legislation. Scott then went on Fox Business and said lawmakers are in the “red zone,” adding that he wants all 13 Republicans on the(congress.gov)d a possible floor push in June or July. (theblock.co) ### What does “markup” actually mean? Markup is the moment a committee stops talking in generalities and starts editing real legislative text line by line. Senators offer amendments, vote on changes, and decide whether the bill advanc(theblock.co)ans would have to live with. That is why markets care about markup dates more than press releases. (congress.gov) ### Why is this bill so important? The core fight is over turf. Crypto has lived in a gray zone where the SEC has often treated many tokens as securities, while the industry has argued that much of the market belongs under the CFTC’s lighter-touch commodities framework. A market-structure bill would(congress.gov)rprise battles and a more legible path for launching products in the U.S. (congress.gov) ### So what is still blocking it? Two things keep coming up. One is stablecoin yield — whether firms can offer rewards tied to dollar-backed tokens and under what limits. The other is ethics language tied to President Donald Trump’s family crypto businesses. Democrats want restrictions on how execut(congress.gov)d vote against the bill if ethics language is missing when it leaves the Senate. (theblock.co) ### Why does GOP unity matter so much? Because Scott is not just trying to pass a Republican bill through committee. He is trying to show a clean, disciplined front before asking Democrats to join. His “13 of 13 Republicans” line matt(theblock.co)merger when your own board is still fighting in the hallway. (subscriber.politicopro.com) ### Why are Democrats still relevant if Republicans run the committee? Because a bill this big is hard to finish on party lines alone, especially in the Senate and especially with election politics closing in. Demo(subscriber.politicopro.com)gest on ethics and illicit-finance language. (theblock.co) ### Bottom line? Congress is closer than it has been in months to moving a real crypto market-structure bill. But “close” is not the same as “done.” If Scott gets a May markup, that is a genuine step forward. If ethics and stablecoin fights stay unresolved, the whole thing can still stall right at the edge of the goal line. (theblock.co)