Senators are moving closer to a long-awaited vote on the crypto market structure bill, with both the Senate Banking and Agriculture Committees preparing to mark up the legislation in December.
Key Takeaways
- Senate Banking and Agriculture Committees are planning December markups of the crypto market bill after months of delays and negotiations.
- A new bipartisan draft assigns oversight of digital commodities to the CFTC, aiming to reduce partisan friction and improve regulatory clarity.
- Several policy gaps remain, including missing language on decentralized finance and unresolved provisions in the latest draft.
- Coinbase CEO Brian Armstrong and lawmakers signal urgency, targeting early 2026 for a full Senate vote before the election cycle ramps up.
What Happened?
After months of negotiations and delays, Senate lawmakers are preparing to move forward with a key crypto market structure bill. The Senate Banking and Agriculture Committees plan to mark up the legislation in December, signaling progress toward a formal vote in early 2026. While the bill has bipartisan support, several unresolved issues remain, particularly around decentralized finance and the leadership of the Commodity Futures Trading Commission (CFTC).
JUST IN: Coinbase CEO Brian Armstrong says there has been ‘a lot’ of progress on crypto market structure legislation and it could pass in December. pic.twitter.com/bh7sO5DtmE
— Watcher.Guru (@WatcherGuru) November 18, 2025
Committees Align on Next Steps
Senate Banking Committee Chair Tim Scott confirmed that both the Banking and Agriculture Committees will hold markup sessions on the crypto market bill next month. Scott has been vocal about delays, blaming Democrats for stalling the process earlier this year. He emphasized that “the dual-committee process has taken too long” but is now confident that “lawmakers will not delay any longer.”
Aiming to get the bill to the Senate floor early next year, Scott said during a Fox Business interview:
The bill must pass through both committees because it covers assets considered both securities and commodities. The updated draft was released on November 10 and reflects input from both parties, improving its odds in Congress. The legislation is designed to clarify the roles of the CFTC and SEC in regulating digital assets.
Bipartisan Draft Takes Shape
While the Senate Banking Committee released an initial draft in July, the Agriculture Committee followed up with its own 155-page draft last week. This newer draft includes broader bipartisan backing, credited in part to Chair John Boozman and Senator Cory Booker, who led quiet negotiations before its release.
Despite the progress, gaps remain:
- The section on decentralized finance is still missing entirely.
- Several provisions remain bracketed, indicating unresolved policy differences.
- A controversial clause would require CFTC conflict of interest rules, likely in response to concerns about former President Trump’s ties to the crypto sector.
Additionally, the CFTC is severely under-resourced, with only one active commissioner and a nomination hearing for new leadership scheduled soon. The delay in staffing the agency is seen as a significant obstacle to implementing the bill efficiently.
Industry Push and Political Timeline
Coinbase CEO Brian Armstrong has been actively lobbying for the bill, meeting with senators in Washington, D.C., to express industry support. Armstrong said:
Armstrong criticized Democrat-led efforts on decentralized finance and emphasized the need for clear rules that would expand the U.S. crypto market. He also expressed hope that the bill could be finalized and reach the President’s desk shortly after the markup process.
Cody Carbone, CEO of the Digital Chamber, also noted the importance of bipartisan progress, stating:
CoinLaw’s Takeaway
I’ve been watching the crypto regulation fight for years, and this is the closest we’ve seen to meaningful, bipartisan progress. It’s refreshing to see both Senate committees finally align on a path forward. But let’s be real, this bill is still a work in progress. The missing sections on DeFi and unresolved CFTC leadership are not small details. They could be make-or-break issues. Still, the urgency is there, and industry leaders like Brian Armstrong are turning up the pressure. If they can clear these final hurdles, we might finally get a regulatory framework that brings clarity without stifling innovation.
