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As 2026 approaches, uncertainty grows over whether the cryptocurrency market structure project will pass before the year or become embroiled in a political fight that will postpone its passage until the end of the year.
Key points of the article: Unresolved business will continue to slow down momentum, including how the bill addresses stablecoin revenues, language on conflicts of interest, and the treatment of decentralized finance under federal law.
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The course of the vote in the Senate is uncertain
The CLARITY Act has passed In the House of Representatives in July With significant bipartisan support, it represents the strongest step yet toward a federal digital asset framework.
The project now awaits action in the Senate, where the Banking and Agriculture committees are developing parallel versions of the market structure framework. The split in jurisdiction in the Senate adds to the complexity, with the Banking Committee overseeing securities and the Agriculture Committee responsible for commodities.
The two committees The drafts were published for discussionbut a unified package has not yet emerged. Lawmakers still need to reconcile differences before each committee can send a joint bill to the Senate.
One of the major technical disputes concerns how the legislation deals with… Stablecoins that generate revenue.
Banks are pushing for wider restrictions on returns
The GENIUS Act, earlier this year, banned authorized stablecoin issuers from… Pay any form of payment Or benefits for retainers.
However, Many restrictions are strictly written. It only applies to direct payments from token issuers and does not explicitly cover reward programs, third-party payments, or other structures for digital assets.
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Banking groups argue that these loopholes can only allow solutions and call on lawmakers to further expand the ban. Market structure legislation Afterwards. They want a broader base that covers all forms of returns associated with stablecoins.
Many senators appear to be open to this approach, giving the issue significant weight in the negotiations. Any expansion will affect this Stablecoins They compete with traditional bank deposits, which remains a central concern of bank lobbyists.
At the same time, lawmakers remain divided on how the broader framework addresses potential conflicts of interest.
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Growing concerns about political influence
The increased involvement of the President of the United States, Donald Trump, and his family members in projects related to cryptocurrencies has spread Renewed scrutiny regarding potential ethical concerns.
Some lawmakers, such as Senator Elizabeth Warren, argue that the new conflict of interest language is necessary to ensure that political figures and their relatives are prevented from engaging in activities that could raise questions about their influence on digital asset policy.
These measures help protect legislation from perceived political interference.
However, the proposed language did not appear in the CLARITY Act passed by the House, nor was it included in previous Senate bills. His absence has become a point of contention, and the dispute contributes to the continued indecision.
At the same time, questions remain about how the bill will handle… Decentralized Finance (DeFi).
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DeFi oversight remains unresolved
The market structure law project is designed for central intermediaries, including exchanges, brokers and incubator platforms. However, the rapid growth of decentralized finance raises questions that the Senate has not fully resolved.
Current drafts mainly focus on incubator activities. However, some traditional financial institutions are asking for broader definitions that would classify developers, Validators and other non-custodial parties as regulated intermediaries.
This approach would significantly expand federal oversight and restructure the legal environment for open source development.
Until lawmakers set these limits, the bill is unlikely to move forward. The question of DeFi remains one of the main factors that will shape when the Market Structure Project could finally change in 2026.
