US senator sees progress on crypto bill, draft expected this week

U.S. Senate Banking Committee Chairman Tim Scott has indicated that a stalled crypto market structure bill, the Clarity Act, is seeing progress through behind-the-scenes negotiations, with a draft that includes provisions on stablecoins potentially being released this week. According to CoinDesk, Scott stated at the DC Blockchain Summit, "I believe a draft will be out this week. Once the draft is public, the bill's direction will become much clearer." Negotiations are also reportedly underway on several other contentious issues, including potential conflicts of interest for President Donald Trump regarding cryptocurrency, the bipartisan composition of key regulatory agencies, and Know Your Customer (KYC) regulations.