US Senate delays crypto market structure bill to 2026 amid schedule crunch

The slip was widely anticipated, but industry groups had sought at least a year‑end markup to keep momentum toward a comprehensive law in 2025. The spokesperson said the committee “looks forward to a markup in early 2026,” without providing a date.

Scheduling pressure will intensify when lawmakers return from the holiday recess. Congress must address government funding before Jan. 30, 2026, the date the current stopgap measure expires, leaving limited floor time for market‑structure work ahead of the midterm election cycle.

Drafts circulating in the Senate would clarify the split between the Securities and Exchange Commission and the Commodity Futures Trading Commission, designating the CFTC as primary spot‑market supervisor for certain crypto assets and outlining how securities laws apply elsewhere. The Banking Committee, which oversees the SEC, has produced multiple versions; the Senate Agriculture Committee, which oversees the CFTC, has issued a discussion draft and would also need to hold its own markup.

Democratic concerns under discussion include financial‑stability safeguards, market‑integrity provisions and ethics language, the latter tied to questions about conflicts involving public officials and private crypto businesses. Negotiators have not indicated when those issues could be resolved.

In parallel, both agencies have moved to adjust policy within existing authority. The SEC has issued staff statements and convened roundtables – including one on Dec. 15 – to examine how securities rules apply to token issuance, trading and custody. The CFTC has advanced steps to permit spot crypto trading at institutions it regulates and recently granted limited no‑action relief to prediction‑market operators on certain data requirements. 

Initial reactions from trade groups framed the delay as procedural rather than a setback. “Pushing market structure legislation into next year reflects the depth of bipartisan engagement underway – not a loss of momentum,” said Lindsay Fraser, chief policy officer at the Blockchain Association. Crypto Council for Innovation CEO Ji Hun Kim said a comprehensive framework “is essential to protect consumers and ensure innovation remains anchored in the United States,” adding that groups expect further movement in early 2026.

As GNcrypto reported on Nov. 11, 2025, a bipartisan discussion draft from Sens. John Boozman and Cory Booker would put the Commodity Futures Trading Commission in the lead on crypto market structure, classifying most tokens as digital commodities and shifting key rulemaking from the Securities and Exchange Commission. The draft outlines registration and disclosure requirements and authorizes the CFTC to assess certain fees, while leaving DeFi treatment and anti–money‑laundering provisions for further negotiation. Governance and capacity remain in focus, with Acting Chair Caroline Pham in place pending confirmation of a permanent chair and lawmakers weighing staffing and funding needs. Industry groups welcomed the direction, but passage still requires support from at least seven Senate Democrats to clear a filibuster and parallel action in the Banking and Agriculture committees.