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The Senate Banking Committee will not hold a markup vote on bipartisan crypto market structure legislation before the end of 2025, pushing the bill into early 2026 and extending regulatory uncertainty for digital asset firms awaiting clarity on federal oversight.
The delay, confirmed during the final legislative week of the year, stems from time constraints ahead of the holiday recess. The postponement leaves unresolved critical questions about whether the SEC or CFTC will regulate spot crypto markets and how exchanges should operate under U.S. law.
According to the committee, time constraints ahead of the holiday recess made it impossible to move forward with the Crypto market structure bill in 2025. Lawmakers from both parties have been engaged in negotiations for months, but the compressed legislative calendar ultimately forced a delay.
The committee confirmed it “will not hold a markup on crypto market structure legislation in 2025,” — Senate Banking Committee, confirmation following bipartisan discussions. Another update noted that the panel had effectively “run out of time to advance the crypto market structure bill before year-end,” — Senate Banking Committee, in its procedural notice.
At the center of the Crypto market structure bill is the question of regulatory jurisdiction. Lawmakers are attempting to clarify how oversight should be divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), particularly for spot crypto markets and digital asset securities.
Industry participants have been closely watching whether the Senate Banking Committee would release the latest bipartisan draft text before the holiday break. That draft, which has been under active development for nearly two months, is expected to outline definitions for digital assets, standards for exchanges and brokers, and the scope of agency authority.
Without a markup, however, the draft remains unofficial. The absence of a clear legislative framework continues to complicate compliance planning for U.S.-based crypto firms, many of which have argued that regulatory uncertainty is slowing innovation and encouraging offshore expansion.
The delay is not limited to one committee. The Senate Agriculture Committee, which is responsible for aspects of commodities oversight tied to the Crypto market structure bill, has not scheduled a markup for its own version of related legislation. That lack of coordination reduces the likelihood of near-term progress on comprehensive crypto rules.
Originally, Senate leadership had hoped to complete work on the Crypto market structure bill by the end of 2025. With both committees now expected to resume hearings in early 2026, the legislative process faces an extended timeline that could stretch well into the new year.
The postponement confirms that no major crypto market structure legislation will be finalized in 2025, despite sustained bipartisan engagement. While discussions are expected to resume after the congressional recess, the gap leaves digital asset markets operating under a patchwork of enforcement actions rather than a unified statutory framework.
From a policy perspective, the delay highlights the challenge of legislating emerging technologies amid competing priorities and limited floor time. It also raises questions about whether incremental guidance from regulators will continue to fill the void left by Congress, or whether lawmakers will accelerate efforts once sessions resume in 2026.
The Senate Banking Committee has indicated that hearings and potential markup sessions could take place early next year, assuming bipartisan momentum continues. Until then, firms operating in the U.S. must navigate existing rules while anticipating changes that the Crypto market structure bill is intended to deliver.
As Congress heads into recess, the fate of the Crypto market structure bill now rests with the next legislative session. For an industry seeking long-term certainty, the delay reinforces a familiar reality: meaningful crypto regulation in the U.S. remains a work in progress.
