Legislative Momentum Slows in Washington

Efforts to advance a comprehensive crypto market structure bill in the U.S. Senate have been delayed. Lawmakers will not hold a markup hearing this month, effectively pausing legislative progress and pushing any meaningful action into next year.

The delay reflects ongoing disagreements around regulatory scope, agency authority, and timing rather than outright opposition to crypto legislation.

What a Market Structure Bill Would Do

A crypto market structure bill is designed to clarify how digital assets are regulated in the United States. One of its main goals is to define which assets fall under securities rules and which are treated as commodities.

Key areas typically covered include:

• Oversight responsibilities for regulators

• Rules for crypto exchanges and brokers

• Custody and investor protection standards

• Disclosure requirements for issuers

• Market transparency and compliance

Without this clarity, many crypto firms continue to operate in regulatory gray zones.

Why the Senate Is Pushing It Back

Several factors contributed to the delay. Senators are still negotiating how much authority should rest with each regulator and how quickly new rules should be implemented.

There is also growing sensitivity around passing complex financial legislation in a politically charged environment. With other priorities competing for attention, crypto policy has moved down the agenda.

Pushing the bill into next year gives lawmakers more time to negotiate and potentially align with parallel efforts in the House.

What This Means for the Crypto Industry

For crypto companies, the delay prolongs uncertainty. Firms seeking to operate in the U.S. continue to face unclear expectations around registration, compliance, and enforcement risk.

As a result:

• Some companies delay expansion plans

• Others prioritize offshore markets

• Legal costs remain elevated

• Institutional adoption moves cautiously

The lack of clear rules affects not just startups but also banks, asset managers, and payment companies exploring crypto products.

How Markets Are Likely to React

In the short term, the delay is unlikely to move prices directly. Crypto markets have already adjusted to slow regulatory progress in Washington.

However, from a longer-term perspective, continued uncertainty can weigh on U.S. competitiveness. Other regions with clearer frameworks may attract capital and talent that might otherwise flow to American markets.

What Comes Next

Attention now shifts to early next year, when lawmakers are expected to revisit the bill. Any renewed push will depend on political alignment, regulatory input, and broader legislative priorities.

For now, the message from Washington is one of patience rather than resolution. Crypto market structure reform remains on the agenda, but meaningful progress will have to wait.