Senate’s Crypto Bill: ‘Crypto Capital of the World’ or a Mess?

The US Senate is preparing for a possible vote on the crypto market structure bill, which would outline clear rules for how the country should deal with digital assets. Or, as I like to call it, “The Great Crypto Confusion of 2025.” 🤷♂️

Lawmakers say the measure could finally settle the long-running dispute over whether tokens should be treated as commodities or securities, a decision that would determine which regulator takes charge. Because nothing says “clarity” like a 100-page document filled with legalese and existential dread. 🧠💥

Senate Targets December Markup

As proposed by the committee, the markup for the crypto market structure bill will be on December 8, 2025; this allows senators to debate and change parts of the text before moving it forward. Because nothing says “democracy” like a date that’s just a few weeks away, but also possibly a month later. 🗓️

According to reports, the Senate Banking Committee and the Senate Agriculture Committee plan to move forward with their own drafts and then unify them into one text for the second phase. If both committees clear their drafts, the unified text would be forwarded for a vote by the full Senate. Because nothing says “bipartisanship” like a committee that can’t even agree on a single date. 🤝

BREAKING

U.S. SENATE TO VOTE ON CRYPTO MARKET STRUCTURE BILL IN DECEMBER.

TRUMP SAYS THE BILL IS CRUCIAL FOR MAKING U.S. “CRYPTO CAPITAL OF THE WORLD”

BULLISH FOR BITCOIN IF PASSES.

– 0xNobler (@CryptoNobler) November 26, 2025

Early Vote Still Not Certain

But there are some issues that may hamper the speed of the bill. There are reports that several sections on decentralized finance remain bracketed, indicating that senators have not settled on final language. Because nothing says “progress” like leaving parts of a bill in limbo while everyone waits for a consensus that might never come. 🤔

NEW: Just had a call with an industry source who recently met with a group of Senate Dems working on market structure legislation. The source said one of the members noted that they are preparing for a possible markup of a bipartisan market structure bill the week of December…

– Eleanor Terrett (@EleanorTerrett) November 25, 2025

Senator Tim Scott, the chairman of the Senate Banking Committee, aims to achieve progress before the year is out. Other members warn that unresolved disagreements could delay a final vote until early 2026. How quickly the committees finish their reports and iron out remaining disputes will determine the schedule. Because nothing says “deadline pressure” like a senator who’s already counting down the days to Christmas. 🎄

Two Committees, One Question

Banking and Agriculture have differed over the extent of regulators’ powers. Members on the banking side want greater protections for ordinary investors, including custody and trading protections. Because nothing says “consumer protection” like a bill that’s still in the drafting phase. 🛡️

Some more clarity here, pardon the pun:

The CLARITY Act and the crypto market structure bill are the same thing. The CLARITY Act was passed by the House in July and the Senate has been working on its own version, which is what @SenatorTimScott was referring to below.

The…

– Eleanor Terrett (@EleanorTerrett) November 19, 2025

Agriculture members are preoccupied with market structure rules and commodity oversight. Both committees must agree on one system or talks could hit another dead end. The industry groups say they want clarity. Regulators have stayed cautious while waiting to see where Congress lands. Because nothing says “caution” like a group of regulators who’ve spent the last decade pretending they understand crypto. 🧐

What’s At Stake For Markets

According to sources tracking the talks, a passed bill could give exchanges and crypto firms a set of clearer rules on how to register, list assets, and manage user funds. That might encourage more companies to operate in the US. Or it might just encourage them to move to countries that don’t have 100-page bills with footnotes. 🇨🇦

People trading crypto could also see better protections. Critics worry that strict rules might push startups abroad. The choices lawmakers make will influence how money flows into the sector. Because nothing says “economic growth” like a bunch of politicians trying to regulate something they barely understand. 🤯

Key Issues Around DeFi Oversight

According to sources, the most contentious disagreements over changes involve DeFi. Senators continue to disagree over how such protocols should be regulated and who is liable when something goes wrong. Because nothing says “innovation” like a bunch of politicians trying to regulate something they barely understand. 🤯

While some lawmakers prefer narrow rules that won’t hurt small developers, others are pushing for broader authority over platforms that increasingly resemble traditional financial services. That debate has left large swaths of the text incomplete. Because nothing says “completeness” like a bill that’s still in the drafting phase. 📜

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2025-11-28 10:21