Senator Tim Scott Says Crypto Market Structure Bill To Be Passed by August of This Year
Republican Senator Tim Scott of South Carolina says a bill seeking to create a comprehensive regulatory framework for the digital asset space will become law later this year.
In a new interview with Fox News, Scott, the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, says a bill that will help crypto firms thrive and innovate is set to be passed later this year, countering the last regime’s stance on digital assets.
“There’s no doubt that under the Biden Administration and [Chairman Gary] Gensler at the SEC – they just didn’t like crypto. What I’ve said very often is simply this: we must innovate before we regulate. That means allowing innovation to happen here at home in the digital assets space is critical to American economic dominance across the globe.
The good news is President Trump is leading the way to a crypto revolution starting here at the Banking Committee. And that’s why we’ve moved very quickly the GENIUS Act… It’s passed through my Committee in a bipartisan fashion. Next [is] market structure…I believe [it will be] passed into law by August.”
The Genius Act, which establishes regulations for stablecoins, is headed to the Senate floor for a vote after the Senate Banking Committee approved the bill with a bipartisan vote of 18-6.
While Scott says a bill to establish a crypto market structure is next, he didn’t mention any specific piece of legislation.
However, one bill that fits the mold is the Digital Asset Market Structure and Investor Protection Act, which would give the Commodities Futures Trading Commission (CFTC) regulatory power over digital assets while handing the U.S. Securities and Exchange Commission (SEC) the authority to oversee digital asset securities.
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Kraken expands beyond crypto, launches stock trading in the US
Kraken is expanding into traditional finance by launching access to over 11,000 US-listed stocks and exchange-traded funds (ETFs), according to an April 14 statement.
The crypto trading firm revealed that its users can now trade equities commission-free through Kraken Securities LLC, a newly launched FINRA-regulated arm of the exchange.
The service is available to residents in ten US jurisdictions, including New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama, and Washington, D.C.
Kraken aims to expand access to more states in the coming months, with global markets such as the UK, Europe, and Australia also on the roadmap.
Bridging crypto and traditional finance
The expansion aligns with Kraken’s broader vision of merging traditional and digital finance.
Kraken aims to remove long-standing barriers to investing by integrating access to stocks, ETFs, crypto, stablecoins, and cash on a single platform.
According to the firm, this would make it easier for users to rotate between asset classes without leaving the ecosystem.
Kraken’s co-CEO, Arjun Sethi, pointed out that the move into equities is a natural evolution that sets the foundation for future innovation. He emphasized that blockchain infrastructure will make the next trading phase borderless, continuous, and driven.
He added:
“Crypto isn’t just evolving, it’s becoming the backbone for trading across asset classes, such as equities, commodities and currencies. As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience.”
The new development follows Kraken’s $1.5 billion acquisition of retail futures trading platform NinjaTrader and the exchange’s reported plans to raise $1 billion in debt as it prepares for a potential initial public offering.
These deals highlight the exchange’s growing ambition to be a key player in the convergence of traditional finance and crypto.
Kraken’s entry into stock trading also puts it in direct competition with other platforms like Crypto.com, which introduced commission-free trading for stocks and ETFs in the US earlier this year.
The post Kraken expands beyond crypto, launches stock trading in the US appeared first on CryptoSlate.
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