Senator Tim Scott pushes for December vote on crypto market bill

Industry groups have sent a letter to President Donald Trump advocating for new tax policies and agency actions on cryptocurrency initiatives, emphasizing the need for progress amid Congressional uncertainty regarding market structure work.

Acting CFTC Chair Caroline Pham is closer to leaving the agency as the Senate Agriculture Committee has advanced President Donald Trump's nomination to replace her. This development indicates a potential shift in leadership at the Commodity Futures Trading Commission, which plays a crucial role in regulating the U.S. derivatives markets.

World Liberty Financial (WLFI), a cryptocurrency project associated with Donald Trump and his family, reported a security breach in September, which has now been publicly acknowledged. The breach led to the freezing of some user accounts, raising concerns about the project's security and integrity.

The Democratic party's recent crackdown on cryptocurrency, led by Senator Elizabeth Warren, poses potential risks for the decentralized exchange Hyperliquid (HYPE). The scrutiny is linked to concerns regarding crypto ventures associated with Donald Trump's family, particularly World Liberty Financial (WLFI). This situation raises alarms about the future of Hyperliquid amid increasing regulatory pressures.

Donald Trump has reignited discussions around the Federal Reserve by hinting at his preferred successor for Jerome Powell, leading to a surge in betting markets favoring Kevin Hassett. Trump expressed a desire to replace Powell, indicating he has a shortlist of candidates, which has influenced market predictions significantly. This shift reflects Trump's ongoing influence in economic discussions, particularly in the cryptocurrency sector.

The U.S. Senate Banking Committee is set to vote in December 2025 on a comprehensive cryptocurrency market structure bill, as announced by committee Chair Tim Scott during a recent Fox News interview. The proposed legislation aims to create a unified regulatory framework for the cryptocurrency market.

Senate Banking Chair Tim Scott has announced that the committee may mark up a crypto market structure bill in December. This development could lead to the bill being sent to President Donald Trump for approval in early 2026. The proposed legislation aims to establish a regulatory framework for the cryptocurrency market, which has been a topic of significant discussion and debate among lawmakers and industry stakeholders.

Bitcoin's price has fallen below $90,000 for the first time in seven months, currently trading around $90,700, which is approximately 25% lower than its all-time high of over $126,000 reached on October 6. This decline follows a significant liquidation event on October 10, which has contributed to ongoing market uncertainty. Analysts like Tom Lee and Matt Hougan suggest that signs of market exhaustion may indicate a potential bottom for Bitcoin prices, presenting what they describe as a 'generational opportunity' for investors.