- US lawmakers and industry groups signal growing momentum toward advancing a crypto market structure bill despite a delayed markup.
- Negotiations focus on SEC–CFTC jurisdiction, DeFi treatment, ancillary assets, and stablecoin yield provisions.
- Bipartisan talks are continuing, with advocates expecting formal action in January or early 2026.
US lawmakers appear to be moving closer to the next phase of crypto market structure legislation following renewed engagement with industry and financial sector leaders this week. Representatives from major crypto firms, advocacy groups, and Wall Street trade associations met with members of the Senate Banking Committee for extended discussions focused on outstanding policy issues.
Attendees characterised the session as evidence that the legislation continues to advance, even though a formal committee hearing will not take place before the holiday recess. Senate officials have confirmed that any markup will now occur after Congress returns, rather than before year-end.
Negotiations remain centred on a framework that would divide regulatory oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while introducing an ancillary asset category to clarify which digital assets fall outside securities law. Lawmakers are also considering how decentralised finance should be addressed, including how intermediaries are defined under the bill.
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Defining Crypto Oversight
Stablecoin-related provisions remain a key area of contention. Banking groups argue that the GENIUS Act does not sufficiently restrict issuers from offering yield, warning that this could shift stablecoins beyond their intended role as payment instruments.
Crypto industry representatives have countered that yield products reflect legitimate competition, while acknowledging that compromise will be required to move the bill forward. Senate Banking Chair Tim Scott has continued discussions with both crypto executives and bank leaders as negotiations proceed across party lines.
Although Democrats have pushed for additional time to resolve remaining disagreements, participants said the latest talks reinforced confidence that the bill is on track for a markup in January or early 2026, despite ongoing revisions to the draft language.
Related: FDIC Advances Stablecoin Rules Under GENIUS Act
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