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- Trump’s backing accelerates momentum for the long-pending U.S. Crypto Market Structure Bill.
- Senate divisions persist as lawmakers debate oversight, stablecoins, and DeFi provisions.
- Bill assigns CFTC key authority and mandates joint SEC-CFTC rules to clarify crypto oversight.
The Crypto Market Structure Bill is gaining momentum as the long-awaited framework is said to be nearing approval, as announced by President Donald Trump. This move by the president signals a major change for the digital asset market.
There have been many discussions among lawmakers about the regulation of the crypto market. The Crypto Market Structure Bill was created to end the confusion about the authority of the SEC and the CFTC. There have been many disputes about the authority of the two commissions.
The House took the first step last July. It passed the Digital Asset Market Clarity Act to outline shared oversight. The Senate has been slower. Progress stalled as committees pushed separate ideas and debated limits on decentralized platforms.
Trump’s Support Revives the Crypto Market Structure Bill
In late January, the Senate Agriculture Committee passed its version in a close 12-11 vote. The vote reflects the division in Congress. It also reflects the disagreement on the rules for stablecoins and DeFi, as seen in the earlier versions of the Crypto Market Structure Bill.
Another factor that contributed to the delay in the passing of the bill was the criticism from the industry. The major players in the industry, such as Coinbase, felt that the bill would impede the development of the industry.
The recent comments made by Trump highlight a new effort to finalize the Crypto Market Structure Bill. This shows that he is interested in creating a framework in the industry, which was previously hindered by his efforts.
The proposal would grant the CFTC primary authority over digital commodities. This would include Bitcoin and Ethereum. There would be a 180-day window for exchanges and brokers to register and obtain provisional status. This would provide clarity for compliance by outlining steps that need to be taken.
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Bill Advances Toward Final Review Stage
CFTC Chairman Michael Selig said that the legislation may be headed for the White House in a few months. The Crypto Market Structure Bill would require joint rulemaking between the SEC and CFTC in 18 months. This would address mixed transactions and structures.
Market watchers are predicting a price impact if it passes. There is a chance for commodities to regain their confidence. However, there are still challenges to be addressed. The Senate Banking Committee needs to reconcile their draft to match that of the Agriculture Committee.
There are also ongoing inquiries into businesses linked to Trump. WLFI is still being reviewed. These are clear indications that despite the advancement of the Crypto Market Structure Bill, political scrutiny continues to shape the regulatory climate.
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