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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Less than a day after launching Super Bowl betting contracts, Robinhood shut them down at the CFTC’s request.

On Feb. 4, Robinhood pulled the plug on its Super Bowl betting contracts just a day after launch, following a request from the U.S. Commodity Futures Trading Commission.

The move comes as regulators grow increasingly wary of event-based trading products, particularly those tied to major sporting events.

The product, launched in partnership with prediction market platform Kalshi, allowed users to bet on the outcome of the Feb. 9 Super Bowl matchup between the Philadelphia Eagles and the Kansas City Chiefs.

Only about 1% of Robinhood’s customers had access to the contracts before they were suspended. Those who had already placed bets will be able to either close their positions or see them through to settlement, but no new trades will be allowed.

Robinhood, frustrated with the turn of events, stated in a tweet that it had been in “regular communication” with the CFTC about its plans and was disappointed by the outcome.

The company did not disclose the exact reasoning behind the CFTC’s intervention, but the decision comes amid broader regulatory scrutiny of event-based contracts.

Just two days ago, the agency launched an inquiry into Crypto.com and Kalshi, questioning whether their own Super Bowl contracts complied with derivatives laws.

Robinhood isn’t new to event-based trading. In October 2024, the company made its first move into the space with contracts tied to the outcome of the U.S. presidential election.

That launch followed a court ruling in favor of Kalshi, which had challenged the CFTC’s attempts to block election-based prediction markets.

The legal victory allowed Kalshi to continue offering election contracts, but it did little to resolve the regulatory gray area surrounding event-based derivatives.

A CFTC spokesperson reinforced its concerns, stating that it will “exercise its oversight authority to the fullest extent” to ensure firms comply with derivatives laws, Reuters reported.

The agency is taking a hard look at whether these products fall under traditional derivatives rules or if they should be treated as a different class of financial instruments.

For Robinhood, this latest hurdle may not mark the end of its push into the space. The company has indicated plans to launch a more expansive event contracts platform later this year, signaling that it still sees opportunity in the market.