Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Cryptocurrency Regulation topic
No spam. Unsubscribe anytime.
Tim Scott says there is "real progress" on cryptocurrency bill as Senate weighs Genius Act
Summary
Senate Committee chair Tim Scott said there is "real progress" on a major cryptocurrency bill after meeting with bank executives; lawmakers say the Senate is moving forward on a plan that includes the "Genius Act" and seeks to clarify whether the SEC or the CFTC will police different types of digital assets.
Tim Scott, chair of the Senate Committee on Banking, Housing, and Urban Affairs, told CNBC there is "real progress" on a major cryptocurrency bill, his office's update coming after a meeting with top bank executives.
Lawmakers, anchors said, are advancing a sweeping plan to regulate digital assets that would include a measure called the "Genius Act." The central policy question lawmakers are debating is which federal agency should have primary oversight of particular types of cryptocurrencies — the Securities and Exchange Commission or the Commodity Futures Trading Commission — a distinction that could determine how tokens and trading platforms are regulated.
The program reported the update as an evolving negotiation rather than a concluded legislative action. No formal vote or final text was announced on the broadcast. Anchors emphasized the jurisdictional dispute — "the goal is to clarify who oversees what," they said — as a key outstanding issue for senators crafting the bill.
Scott's remarks follow meetings with banking executives; the anchors framed the update as part of ongoing consultations between lawmakers, regulators and industry. Beyond the general description of the bill as "major" and inclusion of the Genius Act, the broadcast did not provide further legislative text, vote counts, implementation timelines or specific provisions tied to enforcement or penalties.
For now, the development is an update on negotiations: Senate lawmakers are working to resolve agency jurisdiction and finalize details before any formal floor action.
