The U.S. Senate will vote on the Crypto Assets market bill in December, says the chairman of the Senate Banking Committee: hoping it will pass before Christmas Eve.

Tim Scott promotes the crypto regulation bill, aiming to pass the committee before Christmas, to secure the United States' dominance in crypto finance (Background: A look at 9 crypto companies preparing for IPO listings, from on-chain to Wall Street) (Background information: A meeting is held in Congress to advance the “Bitcoin Bill”, with Republicans and the crypto industry pushing for the purchase of 1 million BTC over 5 years) In the dry and cold air of Washington in late autumn, the bells of Capitol Hill seem to urge. With only a few weeks left in 2025, Tim Scott, chairman of the Senate Banking Committee controlled by the Republicans, brings crypto regulation to the finish line; he publicly commits to passing the committee vote before Christmas and submitting the bill for Trump to sign in early 2026, thereby securing the U.S. a first-mover advantage in the next round of financial competition. Countdown: The Senate bets political capital Tim Scott, in an interview with Fox Business, speaks firmly, addressing the camera: “This is not just for President Trump, but for the American people.” He holds the schedule: markup in December, and once the votes pass, the bill will be sent to the full Senate for a vote next spring. The House of Representatives had passed a version similar to the CLARITY Act earlier in the year, and now all pressure is on the Senate. Republican leadership assesses that if they cannot complete the process before the holidays, the bill may be delayed by the lengthy presidential budget negotiations, jeopardizing Trump's promise to “make America the cryptocurrency capital.” “Ancillary assets”: Key to unraveling regulatory ambiguity The core of the draft is to redefine the regulatory boundaries. According to the plan, the CFTC will be responsible for the “digital commodity” spot market, while the SEC will still control activities clearly classified as securities. The most notable design is the introduction of the concept of ancillary assets: even if a token has characteristics of a security, as long as it is in a decentralized transition period, it can circulate within a compliance framework, providing a lifeline for emerging projects. SEC Chairman Paul Atkins and CFTC acting chair Caroline Pham have also launched the “Project Crypto” collaboration, with the executive branch rarely synchronizing, indicating that there is a growing consensus in Washington on clear regulatory division of labor. DeFi controversy: AML provisions become the final range-bound The legislative path is not smooth. The Democratic version of the draft leaked in October proposed defining DeFi platforms as financial intermediaries and enforcing KYC, which the industry criticized as “a disguised stifling of innovation,” causing negotiations to hit the brakes. Subsequently, with the help of the Solana Policy Institute, both sides restarted dialogue. Democratic lawmakers are concerned about money laundering and national security risks, while Republicans seek to avoid excessive constraints. Now a consensus emerges: the final text will include a compromise proposal regarding AML (AML), such as requiring the front-end interface to provide risk screening rather than a blanket ban on open source protocols. Without bipartisan support from the Democrats, the bill will be stuck at the 60-vote threshold, making this moment of balance particularly crucial. Capital horn: Institutional caution is about to end For Wall Street and Silicon Valley, clear regulations are more practical than bull run slogans. Years of “enforcement regulation” have cast a shadow of litigation, causing large institutional funds to hesitate. If the new law is enacted, futures traders, investment banks, and pension funds can enter within a defined risk framework. Several fund managers privately state that as long as they can confirm that the CFTC has established dominance, “the long-awaited liquidity will flood like a reservoir breach.” Conversely, if the U.S. misses this timing in 2026, Europe’s MiCA and Asia’s Singapore and Hong Kong proposals will siphon off incremental capital, weakening the dollar's pricing power in the emerging digital asset space. Political calculations may be noisy, but the direction is set. In the coming weeks, the key will not be the price of Bitcoin, but every button vote in the halls of Congress. When Tim Scott presses the final acceleration key, the U.S. crypto industry will know whether the path to mainstream acceptance has opened or closed. Related reports: What are the future and risks of tokenization of financial assets? A 73-page report from global securities regulators deeply analyzes RWA. Is the EU planning to centralize crypto regulation? A new proposal aims to give the European ESMA full authority to regulate the crypto industry. Bloomberg's special article praises SEC Chairman Atkins' “token classification law”: it will make U.S. regulation smoother. <The U.S. Senate is set to vote on the cryptocurrency market bill in December, with Senate Banking Committee Chairman hoping for passage before Christmas.> This article was first published in BlockTempo, the most influential blockchain news media.