The US Senate's decision not to finalize key legislation that would define the fundamental framework for the cryptocurrency market by the end of the year has led to uncertainty across the digital asset industry that could persist into next year.
According to CoinDesk, the U.S. Senate Banking Committee has decided not to hold a markup hearing on a bill regulating digital asset market structure this year. Consequently, discussions on "CLARITY," a market structure bill that the cryptocurrency industry has been focusing on, will effectively be postponed until after 2026.
The Senate Banking Committee said in a statement that “Chairman Tim Scott and the committee have made significant progress in consultations with Democrats, but negotiations are still ongoing,” and that “there will not be a markup hearing this year.”
This decision underscores the fact that the cryptocurrency regulatory landscape in the United States remains in the political negotiation phase. The CLARITY Act seeks to resolve jurisdictional issues between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and clarify the legal nature and market operating principles of digital assets. The industry anticipates that if passed, this bill will mark a significant turning point in attracting institutional investment and expanding business.
However, the pace of discussions has slowed again due to the political calendar surrounding the presidential election and differences of opinion between the two parties. In particular, issues surrounding the scope of consumer protection, the intensity of regulation, and the allocation of authority to federal agencies are reportedly facing last-minute difficulties in coordination.
While the market may perceive this delay as increasing uncertainty in the short term, it also sees a shift toward establishing a more sophisticated regulatory framework in the long term. Indeed, legislative discussions are currently underway in the US on areas intertwined with institutional finance, such as stablecoins, tokenized securities, and digital payment infrastructure, raising the possibility of a gradual overhaul of the overall cryptocurrency regulatory framework.
Ultimately, the fate of the CLARITY Act hinges on the 2026 congressional schedule and the shifting political landscape. The cryptocurrency industry is now enduring another "regulatory vacuum" as it prepares for the next phase.
