Republicans in the U.S. Senate are intensifying efforts to advance long-stalled crypto market structure legislation, presenting what they have framed as a “closing offer” to Democratic negotiators. Senate Banking Committee Chair Tim Scott (R-S.C.) is reportedly aiming for a committee markup of the bill as early as next week.

On Monday night, Senate Banking Committee Republicans—including Senators Cynthia Lummis (R-Wyo.), Bill Hagerty (R-Tenn.), and Bernie Moreno (R-Ohio)—sent a detailed document to their Democratic counterparts outlining proposed revisions. The submission, described as a comprehensive “closing offer and state of play,” includes more than 30 changes to Title I, which is central to defining the legal classification of various digital assets. The proposal also introduces two entirely new titles focused on strengthening investor protections and enhancing measures to combat illicit financial activity within the crypto space, according to POLITICO.

Lawmakers convened in Senator Scott’s office Tuesday morning to review the offer and address outstanding issues not covered in the document. The renewed push comes as Scott prepares to hold a markup session on the bill, potentially as early as the following week—a timeline confirmed by Punchbowl News. Senator John Kennedy (R-La.) indicated that the committee is targeting January 15 for the markup, although a revised draft would likely need to be released in advance to facilitate the process.

Despite this momentum, significant sticking points remain. Democrats continue to push for key concessions, including ethics provisions designed to prevent elected officials—particularly members of prominent political families such as the Trumps—from profiting from crypto businesses. They are also seeking assurances regarding the appointment of party members to leadership roles in regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Another point of contention is whether crypto firms should be permitted to offer yield-bearing products, which could compete directly with traditional banking services.

Signs of progress, however, are evident. Senator Catherine Cortez Masto (D-Nev.), a moderate Democrat on the Banking Committee, described the negotiations as “very productive” and indicated a clear expectation for a markup next week, noting that both sides have been open to compromise, according to POLITICO.

Still, achieving a bipartisan deal within Scott’s proposed timeline remains uncertain. Lawmakers face a compressed legislative calendar, with a critical federal spending deadline on January 30 that could trigger a government shutdown if missed. Political pressure ahead of upcoming midterm elections adds further complexity. Should Scott move forward with a markup without full Democratic support, negotiators may be forced to publicly take positions on a bill that still grapples with fundamental differences regarding regulatory authority, enforcement mechanisms, and the future of decentralized finance.