Senate Banking will not vote on crypto bill this week

Senate Banking Chair Tim Scott is abandoning a push to hold a committee vote on a major cryptocurrency bill this week, punting the issue to next year.

A spokesperson for the South Carolina Republican said in a statement Monday that the panel “is continuing to negotiate and looks forward to a markup in early 2026.”

“Chairman Scott and the Senate Banking Committee have made strong progress with Democratic counterparts on bipartisan digital asset market structure legislation,” said the spokesperson, Jeff Naft. “From the outset, Chairman Scott has been clear that this effort should be bipartisan. He has consistently and patiently engaged in good-faith discussions to produce a strong bipartisan product that provides clarity for the digital asset industry and also makes America the crypto capital of the world.”

The move comes following a frantic week of negotiations between top Banking Committee Republicans and a group of Senate Democrats who are working to strike a deal on the legislation. Democrats have pushed for more time for the talks to play out.

Scott's decision to punt was previously reported by Punchbowl News.