The U.S. Senate Banking Committee has pushed the markup of a major crypto market structure bill into early 2026. This move ends hopes that lawmakers would advance the legislation before the close of 2025. As a result, regulatory uncertainty continues to hang over the digital asset industry.
Committee Chair Tim Scott of South Carolina confirmed that the panel will not hold a markup this year. According to his office, senators still want to reach a bipartisan agreement before moving forward. However, time constraints and unresolved policy debates made a 2025 vote unrealistic.
Why the Bill Matters for Crypto Markets
The crypto market structure bill ranks among the most closely watched digital asset proposals in Washington. Lawmakers designed it to define how federal agencies oversee crypto trading and related activities. Many drafts aim to give the Commodity Futures Trading Commission primary authority over spot crypto markets, while the Securities and Exchange Commission would continue to regulate tokens that resemble securities.
Supporters believe clear rules would help the industry grow responsibly. Without guidance, companies often struggle to decide how to launch products or where to operate.
The bill focuses on several key goals:
- Clarifying regulatory roles between the SEC and CFTC
- Setting rules for spot and derivatives crypto markets
- Improving investor protection and market transparency
Bipartisan Talks Face Ongoing Challenges
Although both parties support clearer crypto rules, disagreements persist. Senators continue to debate how the bill should address decentralized finance platforms and yield-based stablecoins. These topics add technical and political complexity, which slows negotiations.
Earlier this year, lawmakers such as Cynthia Lummis and Kirsten Gillibrand pushed to finalize the bill before year end. However, crowded legislative calendars and upcoming election priorities shifted attention elsewhere. Funding deadlines and broader economic issues also competed for Senate focus.
Industry Reaction and What Comes Next
Reactions across the crypto industry remain mixed. Some advocates welcome the delay, arguing it allows time to refine safeguards for users and investors. Others warn that prolonged uncertainty could drive innovation overseas, especially as other regions adopt clearer crypto frameworks.
As Congress reconvenes in 2026, the market structure bill will return to the spotlight. Until then, crypto firms and investors must navigate an evolving regulatory landscape without firm federal guidance.
