Senators working on U.S. crypto market structure legislation said progress is continuing and they expect the measure to clear the Senate by the end of the year, though committee work will likely extend past a previously cited Sept. 30 target.
At CoinDesk’s Policy and Regulation event in Washington, D.C., Sen. Kirsten Gillibrand (D‑N.Y.) declined to set an artificial deadline, saying negotiations must proceed alongside broader budget talks and the looming fiscal priorities for Congress. Gillibrand emphasized that bipartisan compromise remains the goal.
Sen. Cynthia Lummis (R‑Wyo.), who chairs the Senate Banking Committee’s crypto subcommittee, said she still hopes the Banking Committee can finish its portion of the market-structure work by Sept. 30, but noted the Agriculture Committee — another necessary gatekeeper — will likely act in October. Lummis acknowledged earlier ambitions to wrap the package before Thanksgiving may be “too optimistic” and said she wants the bill done by the end of the calendar year.
Ethics and jurisdictional questions remain central in negotiations. A group of Senate Democrats has outlined priorities that include consumer protections, clearer regulator jurisdiction and an ethics provision that would bar members of the president’s and vice president’s families from profiting from crypto projects. Gillibrand called ethics a critical lens to prevent real or perceived self‑dealing, while Lummis suggested limits on trading by elected officials could be handled in a separate, broader bill covering securities and other investments.
Why readers should care: a market-structure bill would reshape how U.S. regulators oversee exchanges, custodians and decentralized finance on‑ramps, affecting compliance, institutional participation and product design across the crypto industry. Regulatory uncertainty during negotiations may drive short-term market volatility and complicate planning for projects and firms.
What’s next: bipartisan talks will continue through committee markup phases. Watch for Banking Committee action around the end of September and follow-up work in the Agriculture Committee in October; a full Senate vote could follow before year‑end if negotiators reach agreement.
Source: CoinDesk. Read the original coverage for full details.