The U.S. Senate Banking Committee has postponed a vote on the Cryptocurrency Market Structure Act until early 2026. Senate Banking Committee Chairman Tim Scott announced in mid-December that the committee would not vote on the bill this year and would continue bipartisan discussions to develop a more complete bill.
This bill clearly separates the cryptocurrency oversight authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), designating the CFTC as the primary regulator of the cryptocurrency spot market. If passed, the bill would bring numerous token issuers and broker-dealers in the US into the regulatory framework, securing the legal legitimacy the industry has long sought.
However, uncertainty is growing over the congressional schedule due to the 2026 midterm elections and the federal budget debate. The current budget is set to expire on January 30th, and there are concerns that cryptocurrency-related legislation will likely be relegated to a later date. Disagreements also persist over the coordination of oversight between the Senate Banking and Agriculture Committees, regulation of decentralized finance (DeFi), and investor protection measures.
The White House has indicated that the bill is likely to be considered by the Senate in January of next year. However, skepticism is growing within and outside the industry, as time is limited before Congress effectively shuts down for the midterm elections, suggesting the bill's passage will be difficult.
Some policymakers argue that the SEC and CFTC have already taken pro-cryptocurrency administrative actions, reducing the need for immediate legislation. Former SEC Commissioner Paul Atkins expressed caution in early December, stating, "Regulators already possess significant discretion and waivers." The SEC is expected to release innovation exemption rules for cryptocurrency companies in January of next year.
However, there are also many voices warning of the risk of the bill failing to pass. A senior policy official stated, "The importance of legislation for the cryptocurrency industry cannot be overstated," adding, "Administrative measures alone cannot replace the stability provided by law." They explained that if legislation fails, the industry will continue to be exposed to regulatory uncertainty due to changes in the next administration, and it will be difficult to change negative perceptions of cryptocurrencies.
Experts project the bill's passage at around 50-60%, predicting that if no visible progress is made within the first half of 2026, discussions could stall for a long time, especially as the election season approaches. It remains to be seen whether the US cryptocurrency industry can seize this opportunity to resolve the regulatory uncertainty that has persisted for over a decade.
