The Senate Banking Committee has pushed its markup on crypto market structure legislation into early 2026, confirming there will be no markup in 2025. A spokesperson for Committee chair Tim Scott said negotiators have made progress with Democratic counterparts and are continuing talks toward a bipartisan bill, but the committee now expects to take the measure up next year.
The draft legislation is intended to clarify which federal agency oversees different parts of the digital asset market, with the current text assigning the Commodity Futures Trading Commission as the lead regulator for spot crypto trading and leaving other responsibilities split with the Securities and Exchange Commission. Supporters say the aim is to give clearer rules and position the U.S. as a leader in digital assets; critics worry about the details and jurisdictional shifts.
Some industry observers voiced frustration. Crypto investor and researcher Paul Barron warned that the market structure bill unraveled at the markup phase and cautioned that an early-2026 timetable may also be at risk.
Further delays are possible. 2026 is a midterm election year—when all House seats and a third of the Senate are on the ballot—which can make bipartisan agreement harder. Congress will also face a federal funding deadline after the holidays, with current funding expiring Jan. 30, and that must be resolved when lawmakers return, potentially reprioritizing committee work.
Markets reacted to the uncertainty: spot crypto prices fell about 3.6% in one trading session, with roughly $150 billion exiting the sector in hours. Bitcoin slid nearly $5,000, dropping from just under $90,000 to about $85,000 and had not recovered by the close of trading.