The Senate’s crypto market structure bill is stalling as Democrats push for tougher rules on stability, market integrity, illicit finance and ethics, while Republicans insist it’s nearly ready. With the 2025 calendar closing, a markup this year is increasingly unlikely.

"After weeks of what had been tightly buttoned talks between the parties, Senate Democrats have delivered their latest counteroffer on the crypto market structure bill, outlining a set of demands resembling those they first laid out in a public memo in September and potentially revealing the true depth of the divide inside the Senate. The summary shared this week and circulated online earlier Wednesday shows Democrats have accepted much of the Republicans' proposed framework. Yet they are insisting on significant structural changes that touch financial stability, market integrity, national security enforcement and the political conduct of public officials — mostly pointed at President Donald Trump."

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