Senate Banking Committee Chairman meets with representatives from certain exchanges, plans to follow up on the text in early 2026

Senate Banking Committee Chairman Tim Scott and staff met with representatives from a certain exchange, another exchange, Chainlink, a16z, and Ripple to discuss the text jointly drafted by the committee and the Democrats. This meeting replaced the originally scheduled market structure markup hearing. The committee does not plan to hold a markup hearing on the text before the Christmas holiday, but instead plans to follow up in early 2026. It is currently uncertain whether the text will be made public or what the subsequent direction will be.