U.S. Senator Tim Scott accused Democrats of delaying the encryption bill and plans to vote next month.

According to Coin Central, the chairman of the U.S. Senate Banking Committee, Senator Tim Scott, announced plans to advance the Crypto Assets market structure bill. He expects the Banking Committee and the Agriculture Committee to vote on the bill next month. Scott stated that the final vote could take place in early 2025, bringing the bill closer to becoming law. The bill aims to regulate the Crypto Assets market, striking a balance between protecting consumer rights and enhancing the competitiveness of the U.S. economy. Scott accused Senate Democrats of slowing the process and hindering the bill's progress.

Scott's remarks underscore the urgency of advancing the Crypto Assets market bill, which requires the approval of the Senate Banking Committee and the Agriculture Committee. The bill has been delayed multiple times, partly due to partisan divisions. With the need for bipartisan support, efforts to finalize the bill in the Senate have become complicated, as Democrats and Republicans struggle to reach a consensus.

Scott remains optimistic that the Crypto Assets market bill will be ready for a vote by early 2025. The bill aims to clarify the jurisdiction of digital assets, particularly the distinction between securities and commodities. An important component of the bill includes defining “ancillary assets” to clarify which cryptocurrencies are not subject to securities regulation.

Scott publicly criticized Senate Democrats for their unwillingness to support the Crypto Assets market bill. He accused them of delaying legislation to prevent former President Donald Trump from winning. Scott's remarks suggest that the reason for the delay is political considerations rather than policy disagreements. He emphasized that the Crypto Assets bill is not only about Trump's victory but also about the economic future of the American people and the nation.

The delay has frustrated Republicans, who have been working to make the United States a global leader in the Crypto Assets industry. The bill aims to protect consumer rights and promote innovation. The differences surrounding the bill also stem from varying opinions on the role of government regulators in overseeing the encryption field.