Senate Banking Committee delays crypto market structure bill to 2026 as lawmakers run out of time

As Congress heads into its holiday recess, lawmakers have decided that the crypto market structure debate will stretch into 2026 in the United States.

Senate Banking Committee shifts timetable to early 2026

The Senate Banking Committee has confirmed it will not hold a markup on the crypto market structure bill in 2025, pushing the legislative process into early 2026. The decision follows bipartisan discussions as the final legislative week of 2025 winds down and members of both the House and Senate prepare to leave Washington for the year-end break.

According to the committee update, lawmakers have simply run out of time to advance the bill before 31 December 2025. Moreover, the announcement underscores that no major market structure package for digital assets will move to a committee vote this year, despite months of negotiations across party lines.

Regulatory split between SEC and CFTC remains unresolved

The delay leaves a core policy question unanswered: how the SEC and CFTC will divide oversight of spot markets and digital asset securities. Industry participants had hoped the crypto market structure package would finally define which agency oversees trading platforms, brokers and token issuance in the United States.

However, the committee has not yet indicated when it will publish the latest bipartisan draft text, which has been under active development for nearly two months. Market participants are watching closely to see if a draft is released before the holiday recess, as it would offer a first detailed look at how lawmakers intend to draw jurisdictional lines and codify key definitions for digital assets.

Parallel efforts in Senate Agriculture Committee also slip

The Senate Agriculture Committee has likewise not scheduled a markup for its own version of crypto-related legislation, suggesting its hearing will also slide into 2026. That said, Senate leaders had originally signaled an ambition to complete work on a comprehensive market structure framework by the end of 2025, coordinating efforts across both committees.

The lack of synchronized progress between the Banking and Agriculture panels reduces the likelihood of near-term movement on any broad market structure bill for crypto. Moreover, the disconnect makes it harder to reconcile competing approaches on issues such as spot market oversight, derivatives treatment and standards for listing tokens.

Extended uncertainty for U.S. crypto firms

The postponement confirms that no sweeping U.S. crypto market structure legislation will be finalized in 2025, even after sustained bipartisan talks. Discussions are expected to resume early next year, but the delay lengthens a period of regulatory uncertainty for exchanges, brokers and token issuers operating in the United States.

Committees are expected to restart hearings and potentially move to markup sessions in early 2026, assuming bipartisan momentum survives the congressional recess. However, until the Banking and Agriculture committees align, companies will continue to face a fragmented regulatory environment and rely on case-by-case guidance and enforcement actions rather than clear federal rules.

In summary, the decision to defer formal markups into 2026 extends the timeline for a federal rulebook on digital assets, leaving key questions about agency jurisdiction and market standards unresolved for at least another year.