U.S. Senate punts crypto market structure bill to early 2026 markup

U.S. Senate Banking delays crypto market structure markup to early 2026, extending uncertainty over digital asset rules and agency oversight.
Summary

• Senate Banking Committee will not hold a 2025 markup on crypto market structure legislation, pushing the process to early 2026.
• The delay leaves unresolved how the SEC and CFTC will split oversight of spot markets and digital asset securities.
• Extended uncertainty may slow U.S. crypto innovation as firms wait for clear federal rules on exchanges, brokers, and token issuers.

The U.S. Senate Banking Committee will not hold a markup on crypto market structure legislation in 2025, deferring the process to early 2026, the committee confirmed following bipartisan discussions.

U.S. Senate looks to regulate crypto

Lawmakers have reached the final legislative week of 2025, which is expected to be shortened as members of both the House and Senate depart Washington for the holiday recess, according to the update. The committee has run out of time to advance the crypto market structure bill before year-end, the announcement stated.

The anticipated market structure markup will now take place in the new year. Industry participants are awaiting clarity on whether the Senate Banking Committee will release the latest bipartisan draft text before the holiday break. The draft has been under active bipartisan development for nearly two months, according to reports, and its release would provide the crypto industry with insight into how lawmakers intend to divide regulatory oversight and define key aspects of digital asset markets.

The Senate Agriculture Committee has not yet scheduled a markup for its own version of crypto-related legislation, suggesting its hearing will also be deferred until 2026. The development extends a process that Senate leadership had originally hoped to complete by the end of 2025. The lack of synchronized progress between the two committees reduces the likelihood of near-term legislative movement on comprehensive crypto market structure rules.

The postponement confirms that no major crypto market structure legislation will be finalized in 2025, despite months of bipartisan negotiations. Discussions are expected to resume early next year, though the delay extends regulatory uncertainty for crypto firms operating in the United States. Committees are expected to resume hearings and potentially advance markup sessions in early 2026, assuming bipartisan momentum continues after the congressional recess.