Crypto Market Structure Bill Faces Tight Senate Vote Amid Democratic Opposition

Senate Banking Committee Chair Tim Scott (R-SC) warned that the upcoming crypto market structure legislation may secure fewer Democratic votes than the GENIUS Act, which passed with 18 Democratic supporters in June. The bill, now law, established a federal framework for stablecoins.

Scott attributed the potential shortfall to staunch opposition from Sen. Elizabeth Warren (D-MA), who contends the legislation could destabilize U.S. financial regulation. Speaking at the Wyoming Blockchain Symposium, he projected optimistically that 12-18 Democrats might back the bill—a decline from prior bipartisan support.

The political divide underscores growing tensions over crypto's role in traditional finance. While Republicans push for regulatory clarity, progressive Democrats remain wary of systemic risks. Market participants await the vote's outcome, which could hinge on a narrow margin.