U.S. Senate Banking Chair Tim Scott plans to push a vote on a crypto market structure bill next month. He stated this goal during an appearance on Fox Business, emphasizing the bill's importance in regulating both securities and commodities. Scott aims to garner support from both the Senate Banking and Agriculture committees to get the legislation to the Senate floor early next year, hoping for a signature from President Trump. The proposed legislation seeks to clarify the jurisdictions of the SEC and the CFTC and introduces the term "ancillary assets" to define cryptocurrencies that are not considered securities. While Scott believes this bill will protect consumers and strengthen America's economic position, it will require bipartisan support to advance. Recently, a leaked proposal from Senate Democrats focused on regulating decentralized finance, which received backlash from the crypto industry for potentially stifling innovation. Both parties have since engaged with industry leaders to find common ground and move the discussion forward.