U.S. Senate negotiations on crypto market structure legislation have stalled due to disagreements between Republicans and Democrats over a new proposal for decentralized finance (DeFi) regulation. The Democratic measure, which would require DeFi projects to register as brokers, faces opposition from the crypto industry and Republicans. The delay in reaching consensus may push the bill’s passage beyond the 2026 timeline, potentially shifting focus away from crypto legislation due to the U.S. midterm elections.