NYDIG says the Senate’s crypto market structure bill may not pass until August, warning the legislation could stall entirely if it misses the pre-midterm window

15-9 out of Senate Banking still leaves the hard vote: 60 on the floor, with 53 Republicans needing seven Democrats while ethics language and DeFi liability keep hanging over the text. BTC has ETFs and commodity treatment already mostly priced; the convexity sits in ETH beta, Coinbase/Base, Uniswap Labs and US perps/spot venues that need a clean SEC-CFTC split before legal desks can underwrite anything beyond spot BTC exposure.

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More coverage

• David Sacks (x.com)
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• Senate Banking Committee Advances Crypto Market Structure Bill (dwt.com)
• Will crypto market structure legislation become law? - Kalshi (kalshi.com)
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