Hopes for Cryptocurrency Bill Vote Revived... Will the U.S. Senate Postpone Recess and Make a Decision?

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The spark for the first vote on the U.S. cryptocurrency market structure bill has been rekindled. It is argued that a last-minute vote is possible if the U.S. Senate postpones its August recess.

CoinGape reported on August 6 (local time) that U.S. Senate Banking Committee Chairman Tim Scott stated there is still time to push for a first vote before the recess. Scott emphasized that U.S. Senate Majority Party Floor Leader John Thune could create an opportunity for a vote. He added, “The good news is that there is time to address the bill,” stating that the bill is necessary for consumer protection and innovation within the U.S.

The possibility of extending the Senate's schedule until next week was also mentioned. Ryan Wrasse, Communications Director for the Majority Leader's Office, stated via X (formerly Twitter) that if an agreement on the time to process pending issues is not reached, the legislative schedule could carry over to next week. The Senate is also continuing negotiations on the cryptocurrency bill and budget resolutions.

Optimism is rapidly weakening. With Thune not having filed for cloture on the vote, Polymarket reflected a 17% probability that U.S. President Donald Trump would sign the bill this year. Scott criticized the Democratic Party, stating that they are changing their demands with every negotiation advancement, calling it “the ultimate strategy of the Democratic Party.”

Internal disagreements within the Republican Party are also blocking the vote. Senator Josh Hawley expressed his opposition, stating that stablecoin profits could encourage deposit outflows from local banks. Senator Thom Tillis also warned that he would vote against the bill if bipartisan ethics provisions are not included.

The White House has not yet approved the ethics provisions proposed by Senators Tillis and Ruben Gallego. The conflict surrounding the ethics provisions remains a key issue preventing the first vote on the U.S. cryptocurrency market structure bill.

[Article Key Summary]

-Tim Scott stated that if the Senate postpones its August recess, a first vote on the cryptocurrency bill would be possible.

-Polymarket reflected a 17% probability that Trump would sign the bill this year.

-Negotiation conflicts with Democrats, internal Republican opposition, and ethics provisions are blocking the vote.

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