Sen. Tim Scott (R-SC), chair of the Senate Banking Committee, indicated that the upcoming legislation on crypto market structure may struggle to secure sufficient Democratic support compared to previously passed bills, such as the GENIUS Act. Scott highlighted that opposition from Sen. Elizabeth Warren (D-MA) has made it difficult for many Democrats to back this new, broader legislation, which aims to create a federal framework for the crypto industry. This new bill, particularly substantial in its scope, could legitimize much of the crypto space by revising regulations reminiscent of New Deal-era financial laws. The prospect of a vote has Scott estimating that only between 12 and 18 Democrats might support the bill. Warren, known for her critiques of the crypto sector, has cast significant doubts about the bill's implications, reinforcing the need for bipartisan consensus for its passage. Discussions on the bill are expected to occur next month, further highlighting the uncertain fate of crypto legislation in the Senate.

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