Committee officials indicated that while progress has been made behind the scenes, additional time is needed to align Democratic and Republican priorities on issues such as regulatory jurisdiction, consumer protection, and the oversight of crypto trading platforms. The delay affects what many in the industry view as one of the most consequential pieces of legislation for the future of U.S. cryptocurrency regulation.
Why the crypto market structure bill is being delayed
The crypto market structure framework is intended to define how digital assets are regulated in the United States, including which agencies primarily the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have authority over different types of tokens and trading activity.
According to committee members, bipartisan talks have intensified in recent months, but unresolved disagreements remain. These include how to classify digital assets, how to regulate centralized and decentralized exchanges, and how to ensure investor protections without stifling innovation. Rather than rushing the markup process, lawmakers opted to continue negotiations into 2026.
The Senate Banking Committee’s decision reflects a broader legislative reality: crypto regulation has become increasingly technical, requiring careful coordination among lawmakers, regulators, and industry stakeholders.
Industry reaction to the Senate Banking Committee decision
The delay has drawn mixed reactions from the crypto industry. Some firms expressed disappointment, noting that regulatory uncertainty continues to complicate long-term planning and U.S. market competitiveness. Others welcomed the move, arguing that a poorly drafted bill could create more problems than it solves.
Legal experts say pushing the markup to early 2026 may ultimately result in clearer, more durable rules for digital asset market structure in the United States. A bipartisan bill with strong support is more likely to survive future political shifts and legal challenges.
Market participants also point out that several regulatory actions and court rulings are already shaping the crypto landscape, even in the absence of comprehensive legislation.
What this means for crypto regulation in 2025
With no Senate Banking Committee markup expected this year, major changes to crypto market structure rules are unlikely to be enacted in 2025. Instead, regulators such as the SEC and CFTC will continue to rely on existing authorities, enforcement actions, and guidance to oversee the industry.
This environment places increased importance on compliance for crypto exchanges, stablecoin issuers, and blockchain-based financial services operating in the U.S. Companies are expected to maintain robust risk management and disclosure practices while monitoring legislative developments closely.
The delay also shifts attention to other crypto-related policy areas that may still see movement, including stablecoin regulation and anti-money laundering measures tied to digital assets.
Bipartisan negotiations remain active
Despite the postponement, Senate Banking Committee leaders emphasized that bipartisan engagement remains strong. Lawmakers from both parties have acknowledged the need for a clear regulatory framework that protects consumers, supports innovation, and keeps digital asset activity onshore.
Sources familiar with the discussions say early 2026 is viewed as a realistic target for finalizing language that addresses key concerns from both sides of the aisle. These include safeguarding customer funds, defining the role of intermediaries, and ensuring fair competition between traditional financial institutions and crypto-native firms.
The committee’s approach suggests a recognition that crypto market structure legislation will shape U.S. financial markets for decades, warranting a deliberate and inclusive process.
Global implications of the US delay
The postponement comes as other jurisdictions, including the European Union and parts of Asia, continue to implement or refine their own crypto regulatory frameworks. Some analysts warn that prolonged uncertainty in the U.S. could encourage innovation to move offshore.
At the same time, U.S. lawmakers remain influential in setting global regulatory norms. A well-crafted framework, even if delayed, could reassert U.S. leadership in digital asset policy.
Looking ahead to early 2026
The Senate Banking Committee’s confirmation that a crypto market structure markup is now expected in early 2026 provides clarity, even if it extends the timeline. Industry participants, investors, and regulators will be watching closely as negotiations continue.
While the delay may frustrate those seeking immediate regulatory certainty, it also reflects a cautious approach aimed at delivering a comprehensive, bipartisan solution. As crypto markets mature and intersect more deeply with traditional finance, the outcome of this legislative effort will play a pivotal role in shaping the future of digital assets in the United States.