Senators in the U.S. have varying opinions regarding the crypto bill, resulting in slow advancement of the legislation.
The U.S. crypto market structure bill, with bipartisan support in the House, is facing significant challenges that make it unlikely to be passed by the end of September 2025. The House has already passed the Digital Asset Market Clarity Act of 2025 (CLARITY Act), setting a regulatory framework for crypto and defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
However, the Senate has taken a different approach, releasing a broader and more complex discussion draft that expands on the CLARITY Act. This Senate draft introduces new concepts such as "self-certification" for certain assets, defines "ancillary assets" as not securities, and includes enhanced anti-money laundering (AML) standards, among other changes.
The divergence between the House and Senate proposals has resulted in a legislative deadlock, with Senate reconciliation still uncertain. The Senate Banking Committee has issued a Request for Information on the draft, indicating ongoing negotiation but no immediate resolution. Internal political complexities, including a House recess and divisions among Republicans, add to the delays.
If the bill advances, lawmakers will need to conference with the House to reconcile differences between the Senate draft and the CLARITY Act. The Senate Committee on Agriculture is expected to release its discussion draft in September. The hearings and mark-ups could happen this summer or extend to fall.
The crypto market structure framework, as proposed by the Senate, may take a longer time to be passed compared to initial expectations. Jake Chervinsky, a policy expert and legal chief of crypto-focused Variant Fund, stated that the Senate has different ideas about the market structure bill compared to the CLARITY Act passed by the House.
The White House aims to finalize a crypto market structure bill by September but faces a "long road ahead" due to these unresolved disagreements and the need to harmonize the Senate and House versions. It remains to be seen whether this deadline will be met.
References:
[1] Coindesk. (2025, July 22). Senate Banking Committee Releases Draft Crypto Bill, Expanding SEC Oversight and AML Measures. Retrieved from https://www.coindesk.com/policy/2025/07/22/senate-banking-committee-releases-draft-crypto-bill-expanding-sec-oversight-and-aml-measures/
[2] Cointelegraph. (2025, August 3). Crypto Market Structure Bill Faces Uncertain Future as Senate Reconciliation Remains Unclear. Retrieved from https://cointelegraph.com/news/crypto-market-structure-bill-faces-uncertain-future-as-senate-reconciliation-remains-unclear
[3] TRM Labs. (2025, July 27). Senate Crypto Bill Proposes Tougher AML Measures, Public-Private Partnerships. Retrieved from https://www.trm-labs.com/blog/senate-crypto-bill-proposes-tougher-aml-measures-public-private-partnerships
- The U.S. crypto market structure bill, originally expected to be passed by September 2025, may face delays due to regulatory disagreements between the House and Senate.
- The Senate proposal expands on the CLARITY Act with new concepts like self-certification, definitions for ancillary assets, and enhanced anti-money laundering (AML) standards.
- The divergence in approaches between the House and Senate has led to a legislative deadlock, with internal political complexities and a House recess further delaying the process.
- If the bill progresses, lawmakers will need to reconcile differences between the Senate draft and the CLARITY Act passed by the House, with hearings and mark-ups potentially happening this summer or falling into the fall.
- The crypto market, including altcoins, tokens, and Bitcoin (BTC), may experience significant changes depending on the finalized bill, making it crucial for financial businesses and general-news coverage to monitor the bill's progress.
- Regulations in the crypto market could impact various aspects of the business and politics, including Ethereum (ETH), finance, and overall economy, as the White House aims to finalize a comprehensive bill by September.
