Consensus on U.S. Crypto Market Structure Bill Faces Delays
The Senate Banking Committee’s postponement of markup hearings to early 2026 reflects entrenched disputes over DeFi regulation, stablecoin treatment, agency roles, and political ethics provisions.
The U.S. Senate Banking Committee confirmed it will delay markup hearings on its draft crypto market structure bill to early 2026, citing insufficient time and unresolved disputes. Key sticking points include defining and regulating decentralized finance (DeFi), addressing stablecoin yield, determining bipartisan staffing for the SEC and CFTC, and negotiating ethics provisions related to President Donald Trump’s family ties to crypto. The bill faces a tight legislative window before the 2026 midterm elections, compounded by potential government shutdown risks and the need for parallel markups from both the Banking and Agriculture Committees. Despite bipartisan interest and the House’s passage of its own bill, technical and political challenges threaten the measure’s prospects.
- SEC: The U.S. Securities and Exchange Commission, which regulates securities markets and enforces federal securities laws; its bipartisan staffing is part of current legislative negotiations.
- CFTC: The U.S. Commodity Futures Trading Commission, which oversees derivatives markets; proposed as the primary spot market regulator for crypto in the bill.
- Decentralized Finance (DeFi): A blockchain-based form of finance that operates without traditional intermediaries, often involving smart contracts; its regulation is a contentious part of the bill.