Senate Nears Release of Revised Crypto Market Structure Bill
The U.S. Senate is on the brink of unveiling an updated draft of the Crypto Market Structure Bill, which aims to clarify regulations around digital assets.
Revised Crypto Market Structure Bill Imminent
The Senate Agriculture Committee is finalizing the commodities section of this bipartisan legislation. According to journalist Eleanor Terrett, the draft could be released as early as this week, though some insiders indicate it might extend into next week due to last-minute adjustments.
This follows recent industry roundtables and renewed bipartisan negotiations within the Senate Banking Committee.
The bill proposes a new regulatory framework for digital assets, assigning the Commodity Futures Trading Commission (CFTC) to oversee digital commodities and spot markets, while the Securities and Exchange Commission (SEC) will regulate assets identified as securities.
Additionally, the legislation introduces a structured classification system for digital assets, categorizing them into digital commodities, investment contract assets, and approved payment stablecoins. This framework aims to delineate federal agency jurisdictions and establish compliance expectations.
The Crypto Market Structure Bill has undergone regular updates by lawmakers. The latest draft provides refined definitions and protections for digital assets. Notably, staking, DePIN, and airdrops will no longer be automatically considered securities.
Bipartisan Efforts Revived
Momentum for the bill has increased following months of political tension. Discussions were temporarily halted after Senate Democrats introduced new DeFi regulations under the CLARITY Act, which suggested classifying DeFi protocol deployers as intermediaries—a move criticized by Republican lawmakers and developers for potentially stifling open-source innovation.
However, both parties have recently shown a willingness to compromise, holding separate roundtable meetings with key industry figures such as Coinbase and Ripple executives. Sources indicate lawmakers are eager to progress quickly and produce legislation that supports innovation.
In light of these developments, Coinbase CEO Brian Armstrong expressed optimism that the bill could be finalized by year-end. Speaking from Capitol Hill, Armstrong remarked that lawmakers from both parties are "90% aligned" on the bill's foundational framework.