The U.S. Senate cryptocurrency legislation has made progress and is expected to undergo a full vote early next year

According to Crypto In America, on Tuesday morning, Tim Scott, the chairman of the Senate Banking Committee, revealed a preliminary timeline for the Senate to advance cryptocurrency market structure reforms, 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 currently unclear when the Banking Committee will release the revised text of the bill, but industry sources 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 released until December, and it could even be published shortly before the review. Meanwhile, following the bipartisan discussion draft released by the Senate Agriculture Committee last week, the industry is expected to provide feedback on the draft during Thanksgiving, with many believing that there are still many unfinished aspects of the draft.

According to the timeline provided by Scott, both the Senate Agriculture Committee and the Banking Committee plan to review and vote on the drafts next month, after which the two drafts will be merged into a single bill, aiming for submission to the full Senate for a 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.