U.S. crypto market structure bill faces narrowing path before election timeline

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U.S. crypto market bill timeline

Highlights

Memorial Day, May 25, serves as the critical deadline for advancing the U.S. crypto market structure bill before focus shifts to election activities.
Over 100 crypto firms urged a Senate Banking Committee markup hearing last week, but unresolved issues, especially regarding stablecoin yield, continue to delay progress.
Regulatory uncertainty persists for U.S. digital asset firms as lack of permanent legislation leaves companies dependent on temporary SEC guidance and risks renewed oversight debates.

May deadline sharpens legislative pressure

As reported by CoinDesk, Memorial Day, May 25, has been viewed since at least last December as a decisive deadline for advancing the crypto market structure bill if it is to retain a realistic chance of passage before the election.

Once Congress moves deeper into the summer, lawmakers are expected to shift attention to campaign activity, limiting time for a crypto package or other major legislation. Before that, the House is also set to handle a bill to fund the Department of Homeland Security, while the Senate is focused on whether Kevin Warsh becomes the next Federal Reserve chair.

The lack of movement matters because recent steps on market structure, including staff statements from the Securities and Exchange Commission, do not amount to permanent guidance. Formal rulemaking remains possible, but it would require a notice-and-comment process that takes additional time, while legislation would embed key parts of the regulatory framework into law.

Industry stakes and unresolved Senate issues

The crypto industry continues to press for the measure, with more than 100 firms signing an open letter last week urging a markup hearing in the Senate Banking Committee, the first major step toward broader passage. Even so, it remains unclear how close the committee is to moving ahead, and stablecoin yield is still dominating the debate alongside other issues that have not been resolved publicly.

Any Senate progress would not end the process, because the House would still need to vote on the bill again. Congressman French Hill, chair of the House Financial Services Committee, says earlier this month that many outstanding questions around stablecoin sales practices and decentralized finance have already been addressed in the House version, suggesting the Senate should be able to find common ground.

For the broader U.S. digital assets sector, the delayed timeline keeps regulatory uncertainty in place at a time when companies are seeking durable rules rather than temporary agency positions. Without legislation such as the Clarity Act, the debate over crypto oversight could resurface in a similar form in the coming years.

In our earlier report on Trump’s Mar-a-Lago crypto conference, we covered how President Donald Trump used a private gathering of top $TRUMP memecoin holders to reiterate support for U.S. digital asset legislation, including the Digital Asset Market Clarity Act. We also noted that banking-industry objections—especially around stablecoin rewards—have contributed to slowing Senate momentum, while Trump’s links to crypto ventures tied to his name continue to draw political scrutiny.

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