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The fluctuating landscape of the cryptocurrency market was marked by a recent downturn, with Bitcoin 
$92,384 hitting a new daily low at $103,000, dragging the market into the red. This decline, however, serves as a backdrop as there are promising legislative developments underway that could positively impact the crypto landscape in the long term. Despite the slow-moving process caused by a government shutdown, there is an anticipation that momentum will soon pick up.
The U.S. Crypto Market Structure Bill
The United States took a significant first step this year by enacting new legislation concerning stablecoins, spearheaded under Trump’s signatures through the GENIUS initiative. This move fueled interest from several major financial corporations eager to enter the stablecoin market. Furthermore, banks have begun to show interest, demonstrating that new regulations are attracting increased institutional attention.
As the government shutdown is expected to conclude tomorrow, legislators are set to resume their duties. Yet, despite the GENIUS approval, Republicans eager for a speedy codification of market structure legislation remain disappointed, as their efforts have not yet borne fruit. Although hopes for bipartisan cooperation persist, they have noticeably dwindled. The Senate Banking, Housing, and Urban Affairs Committee was anticipated to review the bill by the end of September and mid-October, but the shutdown that started on October 1st caused delays.
The Current Status of the Bill
Despite the shutdown, reports suggest that the Senate’s Agriculture, Nutrition, and Forestry Committee, which is involved in preparing parts of the market structure bill affecting the Commodity Futures Trading Commission, continues its negotiations. Senators John Boozman and Cory Booker are also actively working on finalizing the draft legislation, indicating that they may soon seek feedback.
Advancements within the Agriculture Committee suggest that the process preceding the House vote is continuing. Yet, questions arise: will the new law, which aims to provide clarity to cryptocurrency markets, be ready this year? Unfortunately, the likelihood seems low. With midterm elections approaching next year, the remaining seven months could mean that, if not prioritized, the legislation might not be finalized even by next year.
In an optimistic scenario, a Senate vote might occur in the first quarter of 2026, followed by several months of discussions to reconcile differences between Senate and House drafts. This period could be vital for Trump, who risks losing majority support in the Senate and House post-midterms, to demonstrate his commitment to cryptocurrency. Accelerating the process might ensure enactment by the next year. Conversely, a shift in majority combined with Democrats’ distant stance on crypto could thwart the bill before Trump’s tenure ends—an unsatisfactory outcome indeed.
