Market Structure Bill Slips to January as Talks Drag On
U.S. Market Structure Bill May Slide to January as Talks Continue Over Several Points
Senate negotiations over a major crypto market structure bill are running up against the year-end calendar, with several disagreements still unresolved as lawmakers head toward the holiday break. With only seven working days left before the Christmas recess, participants in the talks say the process is still in motion but not yet ready for a clean finish.
At this week’s BA Policy Summit, Sen. Bernie Moreno (R-Ohio) described the negotiations as “decently frustrating.” Sen. Cynthia Lummis (R-Wyo.), who leads the Senate Banking Subcommittee on Digital Assets and has been one of the bill’s key architects, said staff working on the legislation are “exhausted.”
Negotiators are circulating draft language among what one description characterized as the “four corners” of the talks: industry, the White House, Republicans and Democrats. But sources indicated the effort remains mid-stride, raising the likelihood that major progress could slip into January.
The bill is the crypto industry’s top federal policy priority because it would establish a clearer framework for how digital assets are regulated in the U.S., including how responsibilities are divided between market regulators. That clarity has been a central industry request amid years of debate over whether and when tokens fall under securities laws.
Several issues are still blocking momentum, particularly for Senate Democrats. Among the sticking points cited in the talks are:
- How authority is split between the SEC and the CFTC, including disagreements over token regulation and classification
- Ethics provisions, an area where key language from the White House is still missing, according to Sen. Mark Warner (D-Va.)
- Quorum requirements, also awaiting White House language, according to Warner
- Democratic concerns over illicit finance provisions
- Disputes tied to stablecoin yield restrictions that Democrats want codified in the framework
Warner, speaking last week at CNBC’s CFO Council Summit in Washington, said, “I’m in crypto hell at this moment trying to get the market structure bill done.” He is among a group of Democratic senators who met to review a Senate Banking draft and discuss counter-offers, according to Politico. Democrats including Sen. Elizabeth Warren have raised concerns about the balance of oversight between the SEC and CFTC.
State officials are also weighing in. Massachusetts Secretary of State William Galvin warned in a letter to Senate Banking that “sweeping provisions” could preempt state authority, leaving states less able to protect residents from fraud.
Timing is becoming an issue alongside substance. Delays into January would place the negotiations closer to midterm election politics and the potential disruptions tied to the federal funding deadline. The government is currently operating under a continuing resolution that expires on Jan. 30, 2026, and lawmakers have noted the possibility of a shutdown fight complicating legislative work.
Even with the disputes, bipartisan support remains a central goal, in part because it would strengthen the bill’s prospects in the full Senate. The Senate Agriculture Committee, which released an incomplete draft of its own market structure proposal last month, may also move ahead with a markup as early as next week, adding another track to the broader effort.
