The U.S. Senate's cryptocurrency legislation has made progress and is expected to undergo a full vote in early 2026

According to market news, on Tuesday morning, Tim Scott, chairman of the U.S. Senate Banking Committee, revealed a preliminary timeline for the Senate's advancement of cryptocurrency market structure reform, providing clear information to the industry. Scott stated in a television interview, "By the end of this year, we believe both committees will complete their review and vote, and the bill will be submitted to the full Senate for consideration early next year for President Trump to sign."

It is still unclear when the Banking Committee will release the revised bill text, but industry insiders involved in the process say that key parts are still being finalized. As lawmakers will depart tomorrow to celebrate Thanksgiving, the draft may not be published until December, and it might even be released shortly before the review. Meanwhile, following the bipartisan discussion draft released by the Senate Agriculture Committee last week, the industry expects to provide feedback on the draft during Thanksgiving, with many believing that there are still many unfinished parts in the draft.

According to the timeline provided by Scott, both the Senate Agriculture Committee and the Banking Committee plan to review and vote next month, after which the two drafts will be merged into one bill, aiming to submit it for a full Senate vote in early 2026. After passing in the Senate, the bill will be sent back to the House of Representatives for final approval before being presented to President Trump for signing.