The U.S. Senate’s crypto market structure billoften linked with efforts to bring regulatory clarity to digital assets—is not progressing as quickly as lawmakers had hoped. Despite momentum earlier in the year, several key disputes have stalled the process, making passage before the end of 2025 unlikely.
📌 Key Reasons for the Delay
1. Major Policy Disagreements
Lawmakers have not resolved critical issues including:
Stablecoin yield restrictions — banks want broad limits on how stablecoins can generate yield, to protect their deposits; crypto advocates argue existing language leaves loopholes.
Ethics and conflict-of-interest rules — some senators demand provisions limiting public officials’ crypto activities, which the White House has rejected.
DeFi and intermediary definitions — huge debate over whether decentralized finance developers and validators should be treated like regulated intermediaries.
2. Committee Gridlock
The bill is being drafted separately in both the Banking Committee and the Agriculture Committee, and neither will schedule a markup (formal amendment and approval session) until key text is agreed.
3. Tight Calendar & Government Focus
With the Senate calendar closing for 2025 and other legislative priorities (like funding bills), there’s little time left for extended negotiations.
4. External Opposition
Consumer advocates, unions, and reform groups have recently opposed the current bill language, arguing it doesn’t do enough to protect consumers or prevent fraud.
5. Political Division
Internal party disagreements and differing priorities—especially between Republicans and Democrats—are slowing consensus. Democrats are pushing for stronger rules on corporate behavior and ethics, while some Republicans prioritize innovation and clearer oversight."
