What if crypto's U.S. market structure effort just never gets there?
Bipartisan efforts to pass U.S. crypto market structure legislation face significant hurdles, including looming deadlines and potential political shifts.Summary
U.S. senators are actively seeking a bipartisan solution for crypto market structure legislation, despite political noise, but unresolved details and external headwinds pose major risks. The Senate is working on its own version rather than adopting the House's Digital Asset Market Clarity Act, pushing the timeline into January. Potential delays include a federal spending deadline on January 30th, which could force lawmakers to shift focus. Furthermore, the approach of the 2026 midterm elections could erode cooperation, especially if Democrats gain control of key committees, potentially putting critics like Maxine Waters or Elizabeth Warren in charge of crucial panels. The industry's substantial campaign financing, led by PACs like Fairshake, complicates the calculus for all candidates. Key sticking points in negotiations include Democratic demands for ethics rules related to officials' crypto ties and disagreements over regulating decentralized finance (DeFi). If the legislation fails to pass, the industry will be left with a less durable system based on regulatory interpretations, which could easily change depending on who leads agencies like the SEC and CFTC.
(Source：CoinDesk)