Macquarie sees U.S. Senate near crypto deal as market structure, GENIUS rules advance

Macquarie believes the U.S. Senate's push for crypto legislation is accelerating, citing meaningful bipartisan talks on a market structure bill as a significant catalyst for the U.S. crypto ecosystem. This legislation is expected to reconcile the CFTC's authority (from the Agriculture Committee bill) with the SEC's approach (from the Banking Committee's Responsible Financial Innovation Act). In parallel, federal agencies are nearing the rollout of rules implementing the GENIUS Act, with the FDIC planning stablecoin prudential standards in early 2026. Macquarie suggests the market structure bill could settle SEC-CFTC turf battles and create a viable pathway for token decentralization, potentially leading to a full crypto-law package taking effect around mid-2026, despite hurdles like committee passage and reconciliation.

(Source：CoinDesk)