The U.S. Senate has postponed the review of the long-awaited cryptocurrency market structure bill, pushing the final review to early 2026. Lawmakers have been unable to reach an agreement on key provisions due to internal disagreements, leading to a lack of legislative schedule.
Due to this recent performance, cryptocurrency exchanges, issuers, and institutional investors in the United States are facing prolonged regulatory uncertainty.
Reasons for the postponement of the cryptocurrency market structure bill
This bill is based on the Digital Asset Market Clarification (CLARITY) bill that passed the House. Its purpose is to define regulatory measures for digital assets. It includes provisions to clearly separate supervisory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
However, discussions lagged as disagreements over supervisory authority, DeFi oversight, and investor protection remained unresolved.
The negotiation team faced difficulties in narrowing the differences of opinion between the Banking Committee and the Agriculture Committee. The two committees each oversee the SEC and CFTC and assert authority over the cryptocurrency spot market.
Ultimately, the lawmakers could not reach an agreement on a final text that both sides would consent to before the session ended.
DeFi regulation has also emerged as a major issue. Some senators have argued for exceptions for decentralized protocols that lack controlling entities.
On the other hand, some lawmakers warned that broad exceptions could weaken regulatory enforcement and create regulatory gaps.
Consumer protection groups also opposed parts of the bill and applied pressure. They argue that this framework weakens the authority of the SEC and poses a risk of undermining investor protection following several major cryptocurrency failures.
Such opposition triggered an additional amendment process, slowing down negotiations.
Although there was a delay, this bill is distinctly different from other cryptocurrency-related bills that have already passed. Unlike the GENIUS Act, which focuses solely on stablecoins, the market structure bill encompasses the entire cryptocurrency trading ecosystem.
It specifies regulations for exchanges, brokers, asset custodians, and token issuers within an integrated federal regulatory framework.
Moreover, it has evolved beyond enforcement-centric regulation. It clarifies the criteria for asset classification in law and limits reliance on court precedents to determine whether a token is a security or a commodity.
Lawmakers say that this approach can replace regulatory uncertainty with legal clarity.
