WASHINGTON— Senate Banking Committee Republicans have proposed a sweeping set of changes to landmark cryptocurrency legislation as part of what they described as a “closing offer” to Democrats, according to a document obtained by Politico.
The proposal, sent ahead of a bipartisan member meeting, outlines more than 30 revisions to Title I of the bill, which addresses the legal classification of digital assets. It also adds two new sections focused on investor protections and efforts to combat illicit finance, Politico reported.
The document was circulated to Democratic negotiators by four GOP senators involved in drafting the legislation: Banking Committee Chair Tim Scott of South Carolina, along with Sens. Cynthia Lummis of Wyoming, Bill Hagerty of Tennessee and Bernie Moreno of Ohio.
According to Politico, lawmakers met Tuesday morning in Scott’s office to review the offer and discuss several unresolved issues not addressed in the document.
The Sticking Points
Among the remaining sticking points are Democratic demands for ethics provisions aimed at cryptocurrency businesses linked to the Trump family, as well as assurances that Democrats would be appointed to the Securities and Exchange Commission and the Commodity Futures Trading Commission, Politico reported, adding that negotiators are also weighing how to respond to bank industry concerns over stablecoin rewards programs that pay yields to holders.
Those issues were expected to be discussed further during a broader bipartisan meeting, though it was unclear whether any agreements were reached, Politico said in its analysis.
Vote Could Happen Next Week
The publication noted that the GOP offer comes as Scott prepares to hold a committee vote on the bill as early as next week. Whether negotiators can reach a bipartisan agreement on that timeline remains uncertain.
Sen. Catherine Cortez Masto, a Nevada Democrat on the Banking Committee involved in the talks, said she expects a markup next week despite the outstanding issues.
“We’re still having conversations, but it’s been very productive — open on both sides to working through all of the issues,” Politico quoted Cortez Masto as stating.
