US Senate Pushes Long-Awaited Crypto Market Structure Bill to 2026
Efforts to establish a comprehensive federal framework for regulating cryptocurrency markets in the United States have been pushed into next year, after the Senate Banking Committee confirmed it will not advance market structure legislation before the end of 2025.
The committee has decided not to hold a markup hearing on the bill this month, delaying any formal progress until early 2026 at the earliest. While the pause was widely anticipated, it represents a setback for an industry that had hoped to see at least procedural movement before year-end.
According to a committee spokesperson, negotiations between Republicans and Democrats remain active, with lawmakers continuing to work toward a bipartisan agreement. Senate Banking Committee Chairman Tim Scott has emphasized that the legislation must be the product of cross-party consensus, arguing that a durable regulatory framework requires broad political support.
The delay comes as Congress faces a packed agenda in the coming weeks. Lawmakers returning from the holiday recess must address government funding before a January 30 deadline, leaving limited time for complex regulatory initiatives. Beyond that, the approach of the 2026 midterm elections is expected to further narrow the legislative window for sweeping reforms.
The proposed market structure bill is designed to clarify how federal agencies oversee digital asset markets, particularly by defining the respective roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Current drafts would position the CFTC as the primary regulator of spot cryptocurrency markets, while offering clearer guidance on when digital assets fall under securities laws.
Progress has also been complicated by procedural requirements. The Senate Banking Committee, which oversees the SEC, has circulated multiple drafts of the legislation, while the Senate Agriculture Committee, responsible for the CFTC, has released a separate discussion draft and must still conduct its own markup before a final bill can move forward.
Democratic lawmakers have raised concerns around financial stability, market integrity, and ethics, citing the growing involvement of President Donald Trump and his family in crypto-related ventures as a key point of contention. These issues have emerged as major obstacles to reaching bipartisan consensus.
Despite the legislative delay, federal regulators have continued to adjust their approach to the crypto industry. The SEC has increased engagement through staff guidance and public roundtables examining how existing securities laws apply to digital assets. The CFTC, meanwhile, has taken steps toward a more accommodative posture, allowing licensed institutions to engage in spot crypto trading and granting targeted regulatory relief to certain market participants.
Industry groups have offered mixed reactions to the postponement. Some see the delay as a missed opportunity for near-term clarity, while others argue it reflects serious bipartisan engagement rather than waning political will. Industry advocates maintain that the groundwork laid in the current Congress positions lawmakers to finalize a comprehensive framework in early 2026.
For now, the path to clear federal crypto regulation remains uncertain, with progress dependent on both political compromise and a narrowing legislative calendar in the year ahead.
