Lawmakers face hurdles reconciling competing drafts, partisan concerns, and regulatory questions as they push for progress bre year-end
Efforts to advance a comprehensive crypto market structure bill in the U.S. Senate have hit increasing resistance, with ongoing negotiations described as “decently frustrating” by Ohio Sen. Bernie Moreno. Despite momentum earlier in the year, lawmakers remain divided over key components of the legislation, complicating hopes for progress before the holiday recess.
Speaking at the Blockchain Association Policy Summit in Washington, D.C., Moreno outlined the challenges facing lawmakers as they work to finalize a bill intended to clarify jurisdiction between the SEC and CFTC, establish clearer consumer protections, and define regulatory parameters for digital assets. He emphasized that rushing a flawed proposal would be counterproductive, noting that “no deal is better than a bad deal.”
The House passed its version of the legislation the Digital Asset Market Clarity Act in July. However, the Senate continues to debate its own draft, crafted within the Senate Banking Committee, where Moreno serves. The Senate proposal introduces the concept of “ancillary assets” to delineate which tokens fall outside securities classification and how regulatory oversight should be allocated.
Complicating the process, the Banking Committee must coordinate with the Senate Agriculture Committee, which issued its own draft granting expanded authority to the CFTC. Both chambers must reconcile differences before any final bill can be advanced.
Senate Banking Chair Tim Scott previously suggested a realistic path to a markup hearing in mid-December, but other lawmakers signaled skepticism. Sen. Mark Warner noted that completing a markup before year-end may be difficult as they await White House guidance on quorum and ethics provisions.
Further disputes have emerged over stablecoin yield rules, the appropriate regulatory framework for decentralized finance, and concerns among Democrats regarding President Trump’s financial ties to crypto ventures, which critics argue raise conflict-of-interest issues.
As discussions continue, negotiators face increasing pressure to deliver a unified framework, yet the path to consensus remains uncertain heading into the final weeks of the legislative calendar.
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