A major U.S. crypto market structure bill reached a new procedural milestone after clearing the Senate Agriculture Committee, marking the furthest progress such legislation has made in the upper chamber. The committee voted along party lines to advance the bill following the rejection of several amendments, pushing it into the next phase of the legislative process. Republican lawmakers opted to move forward without bipartisan backing, arguing that extended negotiations had already delivered substantial groundwork. Supporters say the bill is designed to clarify regulatory responsibilities and strengthen investor confidence as digital asset markets mature. Despite the advancement, the vote highlighted persistent partisan divisions, with Democrats warning that the legislation still lacks the balance needed for broader Senate approval. The measure now faces additional hurdles before reaching the Senate floor, including parallel consideration by another powerful committee.
Democratic senators on the committee voiced concerns that key issues remain unresolved, particularly around ethics standards and regulatory oversight. Several lawmakers emphasized that negotiations are ongoing and signaled openness to revising the bill as it moves forward. While acknowledging progress, Democrats argued that advancing the legislation without consensus risks complicating its path through the full Senate. Attention is now shifting to the Senate Banking Committee, where a separate version of the bill includes more contentious provisions tied to digital asset oversight and stablecoin related questions. That panel has yet to complete its own markup, reflecting the difficulty of aligning views among lawmakers, regulators, and financial industry stakeholders. The outcome there is expected to play a decisive role in shaping whether a unified Senate version can ultimately emerge.
The bill’s advancement comes amid broader political pressure as lawmakers balance crypto policy against looming deadlines tied to federal funding debates and upcoming elections. Industry advocates view the committee vote as a critical step toward establishing clearer rules for digital asset markets, particularly after recent success in passing stablecoin related legislation. Still, significant work remains before the market structure bill can become law. The Senate must reconcile competing versions, secure enough bipartisan support for a floor vote, and coordinate with the House, which has already passed its own proposal. Even if those steps succeed, final approval would require presidential sign off, leaving the legislation on a narrow and uncertain path.
