A major crypto market structure bill could clear the Senate Banking Committee by April. That’s according to Senator Bill Hagerty. He outlined the timeline during a speech at Vanderbilt University’s Digital Assets and Emerging Tech Policy Summit.
The legislation would fundamentally reshape crypto regulation in the United States. It’d transfer oversight authority from the Securities and Exchange Commission to the Commodity Futures Trading Commission.
The bill was formerly known as the CLARITY Act in the House. It represents one of the most significant attempts yet to establish clear regulatory guidelines for digital assets.
The Senate Agriculture Committee already advanced its version in January. That set the stage for the Banking Committee’s consideration.
Several contentious issues have slowed the bill’s progress. Tokenized equities. Lawmaker ethics considerations. The mechanics of stablecoin yield.
Senator Hagerty expressed optimism about resolving these disputes. “Unresolved issues are not insurmountable,” he said during his remarks at Vanderbilt.
Paul Grewal is Coinbase’s chief legal officer. He echoed this sentiment. Lawmakers are close to reaching agreements on the most contentious points.
“Lawmakers are close to a deal on contentious points like stablecoin yield,” Grewal said.
His comments suggest behind-the-scenes negotiations are making headway. Technical details have divided regulators and industry participants. Progress is happening.
Industry advocacy groups are closely monitoring the bill’s advancement. Stand With Crypto. Others.
The push for regulatory clarity comes amid heightened political engagement from crypto-focused political action committees. The Fairshake PAC and Fellowship PAC have committed substantial resources to supporting pro-crypto candidates. That’s creating additional pressure on lawmakers to deliver concrete legislative outcomes.
The bill’s progress represents a pivotal moment. It’s the long-running debate over whether cryptocurrencies should be regulated as securities or commodities.
The proposed shift to CFTC oversight would mark a decisive turn. It’s away from the SEC’s enforcement-heavy approach under Chair Gary Gensler.
The April timeline carries particular significance. Congress is looking ahead to the 2026 midterm elections. Those could reshape the legislative landscape and alter priorities.
Lawmakers backing the legislation are working to build momentum. Political conditions remain favorable. For now.
Can the Banking Committee meet Senator Hagerty’s ambitious deadline? It’ll depend on resolving the remaining technical and ethical concerns. Those have complicated negotiations thus far.
