The much-anticipated crypto Market Structure Bill, aimed at providing regulatory clarity for digital assets in the United States, is reportedly set for markup sessions in early December, following delays caused by the recent government shutdown. Agriculture Committee Chair John Boozman has committed to this timeline, emphasizing efforts to prepare draft bills within both the Senate Agriculture Committee and the Senate Banking Committee ahead of the markups.
Banking Committee Chairman Tim Scott, who initially targeted a markup by the end of September, has not yet announced a date for his committee. The bill text remains unreleased since it shifted to a bipartisan initiative after reconciliatory roundtables on Capitol Hill, and it is uncertain whether it will be public before the Thanksgiving holiday. Key sections, particularly those regulating decentralized finance (DeFi), are left blank or bracketed, indicating unresolved issues among lawmakers.
Digital Chamber CEO Cody Carbone highlighted the siloed approach between committees, stating, “Right now it’s being done in somewhat of a siloed format,” and expects the Agriculture Committee to gather industry feedback to fill in gaps over the next few weeks. He noted that the Banking Committee is likely to take the lead on DeFi regulations, which fall under its jurisdiction and have attracted significant scrutiny.
If both committees finalize their drafts for markup in December, the next step involves merging them into a single bill for a full Senate vote. However, year-end pressures and the holiday season could push voting into 2026, with Carbone warning, “We’re running out of time, not just in the calendar year, but in this Congress.” Despite obstacles, Paul Grewal, Chief Legal Officer of Coinbase, expressed optimism, saying, “I know some people fret over the details that remain to be resolved, but I think we’re going to get it done.”
Politically, the bill could influence the 2026 midterm elections, with advocacy groups like Stand With Crypto emphasizing its priority. Community Director Mason Lynaugh stated, “Market structure is still that shining objective... Whoever votes for that, against that, it’s going to be a huge deal.” Senator Cynthia Lummis had projected the bill would be law by 2026, but the shutdown and Democratic opposition may alter timelines, with Senator Thom Tillis urging action by early 2026 to avoid election interference. Surveys, such as one in New Jersey where Rep. Mikie Sherrill won with pro-crypto support, indicate voter preferences could shape outcomes.
