The U.S. Senate is potentially as close as it’s ever been to a crypto market structure law, with the Senate Banking Committee chair indicating adjustments to the latest draft will be prepared next week. Republican members have expressed broad confidence that the negotiation is nearing completion, while Democrats have not publicly weighed in on the January 15 markup timetable. A Tuesday negotiation document suggests many Democratic requests have been potentially met, but ethics concerns for senior government officials, DeFi treatment, and revenue-generating stablecoins remain unresolved.
Crypto industry stakeholders plan to visit Senate offices this week to press for progress. With momentum building, leaders say a vote on market structure is scheduled for next Thursday.
The process envisions multiple drafts across committees, and once approved, the bills would be merged into a single package for a full Senate vote, then sent to the House and, ultimately, to the President for signature. Key questions remain around DeFi treatment and stablecoin provisions, as lobbyists intensify advocacy ahead of further negotiations.
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