Senate Market-Structure Push
What happened
- More than 100 crypto firms urged the Senate to advance market‑structure legislation clarifying SEC‑CFTC roles and protecting non‑custodial developers. (coindesk.com) - The coalition also backed work on stablecoin consumer protections while Treasury Secretary Scott Bessent pressed senators for comprehensive crypto legislation. (bitcoinmagazine.com) - Their asks prioritized legal room for non‑custodial software, clearer commodity‑vs‑security lines, and federal pre‑emption to reduce state fragmentation. (coindesk.com)
Why it matters
More than 100 crypto companies and trade groups are pressing the Senate to move a stalled digital-asset market-structure bill. (coindesk.com) The coalition’s letter asked senators to draw a clearer line between what the Securities and Exchange Commission regulates as a security and what the Commodity Futures Trading Commission regulates as a commodity. It also asked for protections for non-custodial software developers, simpler disclosures, and federal rules that would override a state-by-state patchwork. (coindesk.com) Non-custodial software means code that lets users hold and move their own tokens, instead of turning assets over to an exchange or wallet company. The industry wants lawmakers to say writing or publishing that code does not, by itself, make a developer a regulated financial intermediary. (coindesk.com) The Senate push comes as Treasury Secretary Scott Bessent used an April 22 hearing on the department’s fiscal 2027 budget request to call for comprehensive crypto legislation. Bessent said the U.S. needs rules that protect consumers while preserving the dollar’s role and U.S. financial leadership. (appropriations.senate.gov, (bitcoinmagazine.com)) Congress has been circling this fight for months because crypto trading still sits between two regulators built for older markets. A market-structure bill would decide which tokens trade under securities rules, which fall under commodities rules, and which agency writes the main rulebook for exchanges and brokers. (congress.gov, (financialservices.house.gov)) The House already passed the Digital Asset Market Clarity Act of 2025 on July 17, 2025, sending the bill to the Senate. Senate action has lagged even as industry groups and some administration officials have tried to revive momentum this spring. (govtrack.us, (congress.gov)) Stablecoins are part of the same Senate conversation because they are crypto tokens designed to hold a steady value, usually by tracking the U.S. dollar. The coalition said it supports separate stablecoin legislation with consumer protections, even as senators continue negotiating the broader market-structure package. (coindesk.com, (theblock.co)) Banks and some lawmakers have raised objections to parts of the Senate talks, including whether stablecoin issuers or platforms should be allowed to pay yield to users. That dispute has become one of the main reasons the Senate Banking Committee still has not advanced a markup. (theblock.co, (coindesk.com)) The immediate question is whether Senate Banking leaders turn the industry’s letter and Bessent’s testimony into a committee vote. Until that happens, the House-passed bill remains a framework on paper, not the federal rulebook the crypto industry is asking for. (banking.senate.gov, (coindesk.com))
Key numbers
- More than 100 crypto firms urged the Senate to advance market‑structure legislation clarifying SEC‑CFTC roles and protecting non‑custodial developers.
- (coindesk.com) More than 100 crypto companies and trade groups are pressing the Senate to move a stalled digital-asset market-structure bill.
- (coindesk.com) The Senate push comes as Treasury Secretary Scott Bessent used an April 22 hearing on the department’s fiscal 2027 budget request to call for comprehensive crypto legislation.
- (congress.gov, (financialservices.house.gov)) The House already passed the Digital Asset Market Clarity Act of 2025 on July 17, 2025, sending the bill to the Senate.
Quick answers
What happened in Senate Market-Structure Push?
More than 100 crypto firms urged the Senate to advance market‑structure legislation clarifying SEC‑CFTC roles and protecting non‑custodial developers. (coindesk.com) The coalition also backed work on stablecoin consumer protections while Treasury Secretary Scott Bessent pressed senators for comprehensive crypto legislation. (bitcoinmagazine.com) Their asks prioritized legal room for non‑custodial software, clearer commodity‑vs‑security lines, and federal pre‑emption to reduce state fragmentation. (coindesk.com)
Why does Senate Market-Structure Push matter?
More than 100 crypto companies and trade groups are pressing the Senate to move a stalled digital-asset market-structure bill. (coindesk.com) The coalition’s letter asked senators to draw a clearer line between what the Securities and Exchange Commission regulates as a security and what the Commodity Futures Trading Commission regulates as a commodity. It also asked for protections for non-custodial software developers, simpler disclosures, and federal rules that would override a state-by-state patchwork. (coindesk.com) Non-custodial software means code that lets users hold and move their own tokens, instead of turning assets over to an exchange or wallet company. The industry wants lawmakers to say writing or publishing that code does not, by itself, make a developer a regulated financial intermediary. (coindesk.com) The Senate push comes as Treasury Secretary Scott Bessent used an April 22 hearing on the department’s fiscal 2027 budget request to call for comprehensive crypto legislation. Bessent said the U.S. needs rules that protect consumers while preserving the dollar’s role and U.S. financial leadership. (appropriations.senate.gov, (bitcoinmagazine.com)) Congress has been circling this fight for months because crypto trading still sits between two regulators built for older markets. A market-structure bill would decide which tokens trade under securities rules, which fall under commodities rules, and which agency writes the main rulebook for exchanges and brokers. (congress.gov, (financialservices.house.gov)) The House already passed the Digital Asset Market Clarity Act of 2025 on July 17, 2025, sending the bill to the Senate. Senate action has lagged even as industry groups and some administration officials have tried to revive momentum this spring. (govtrack.us, (congress.gov)) Stablecoins are part of the same Senate conversation because they are crypto tokens designed to hold a steady value, usually by tracking the U.S. dollar. The coalition said it supports separate stablecoin legislation with consumer protections, even as senators continue negotiating the broader market-structure package. (coindesk.com, (theblock.co)) Banks and some lawmakers have raised objections to parts of the Senate talks, including whether stablecoin issuers or platforms should be allowed to pay yield to users. That dispute has become one of the main reasons the Senate Banking Committee still has not advanced a markup. (theblock.co, (coindesk.com)) The immediate question is whether Senate Banking leaders turn the industry’s letter and Bessent’s testimony into a committee vote. Until that happens, the House-passed bill remains a framework on paper, not the federal rulebook the crypto industry is asking for. (banking.senate.gov, (coindesk.com))
