State of Crypto: Trying to figure out the market structure bill's prognosis
Senate consideration of the market structure bill is delayed until 2026, significantly reducing its chances of passing this year.Summary
The Senate Banking Committee confirmed it will not hold a markup hearing for its draft market structure legislation this year, shifting the focus to whether Congress has enough time to pass the bill before the 2026 midterm elections. Key sticking points include defining and regulating decentralized finance (DeFi), stablecoin yield treatment, appointments to regulatory agencies like the SEC and CFTC, and potential ethics agreements involving President Trump. Delaying the markup might be beneficial, as a rushed hearing could have resulted in a partisan bill that would fail to gain broader Senate support. Significant hurdles remain, particularly concerning DeFi regulation, where industry desires for minimal oversight clash with Democratic concerns over anti-money laundering measures. Furthermore, Democrats are pressing for ethics provisions related to the Trump family's business interests, which the White House has resisted. For the bill to pass in 2026, markups must occur early in the year, ideally by January, to navigate potential government funding crises and the increasing distraction of the upcoming election cycle.
(Source：CoinDesk)