Senate Negotiations Continue as Key Disagreements Remain Unresolved
The long anticipated U.S. crypto market structure bill may not advance before the end of the year, as Senate negotiations continue to face unresolved policy disagreements. With lawmakers approaching the holiday recess and limited legislative days remaining, momentum is increasingly shifting toward January as the next window for progress.
Draft legislative language has been circulating privately among stakeholders, including lawmakers, industry representatives, and the White House. While discussions are active, sources indicate the process remains mid-stage, with no final consensus reached. A recent White House meeting briefly reviewed portions of the draft, but industry participants have not formally endorsed the proposal.
Several major points remain under negotiation. These include ethics rules for government officials’ involvement in digital assets, questions over whether stablecoins should be allowed to generate yield, and how much authority the U.S. Securities and Exchange Commission would have in determining which crypto assets fall under its jurisdiction. The treatment of decentralized finance (DeFi) is also a central sticking point, with industry groups pushing to protect software developers and open-source protocols.
The bill represents a four way negotiation involving Senate Democrats, Republicans, the White House, and the crypto industry. While disagreements persist, participants describe the talks as more active and constructive than in previous years. Supporters believe the legislation could move to committee markups early in the new year, potentially before other fiscal deadlines dominate the congressional agenda.
If passed, the legislation would define crypto asset classifications, establish clear market rules, and clarify regulatory authority, providing long-sought certainty for the U.S. digital asset industry.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.