Crypto Market Structure Bill Delayed to 2026 as Senate Banking Chair Meets Industry Executives
Washington's crypto reckoning just got a new timeline—and it's a long one.
While traditional finance fiddles with spreadsheets, digital asset executives are getting facetime at the highest levels. The Senate Banking Committee chair just wrapped closed-door meetings with crypto leadership, signaling serious legislative intent even as the main regulatory framework gets punted down the calendar.
The 2026 Reality Check
Forget quick fixes. The comprehensive market structure bill—the one that would finally tell exchanges what rules to follow and give tokens legal clarity—isn't happening this Congress. The legislative machinery moves at its own, glacial pace. 2026 is the new target, a timeline that stretches patience but underscores the complexity of fitting decentralized tech into century-old financial law.
Why The Meetings Matter More Than The Delay
The delay itself is a kind of signal. It's not a dismissal; it's an admission that this is hard. The private discussions between policymakers and builders are where the real framework gets drafted, long before a bill hits the floor. This is the 'pre-game'—where concepts like custody, exchange classification, and stablecoin oversight get hashed out away from the public glare.
Building The Bridge (Slowly)
The goal remains the same: a functional on-ramp from crypto's wild west to the regulated mainstream. The path involves defining who is a broker, what is a security, and how decentralized networks fit into a centralized regulatory model. Every month of delay is another month of operational uncertainty for US-based firms, but also another month to refine the proposals.
The industry's take? Cautious optimism. Access is progress, even if the timeline tests resolve. The alternative—radio silence and regulatory ambush—is far worse. So the work continues, drafting, debating, and waiting for the political stars to align in 2026. After all, in both crypto and Congress, consensus takes time—though one usually moves faster than the other.
Democrats continue to push for more time
Before the crypto execs, the Senate Banking Committee met with top bank CEOs. The South Carolina Republican met with Bank of America’s Brian Moynihan, Citi’s Jane Fraser, and Wells Fargo’s Charlie Scharf to discuss the landmark legislation.
According to an insider, two meetings took place separately, one with Democrats and another with Republicans. They discussed yield, decentralized finance, and anti-money laundering concerns.
As reported by Cryptopolitan, intense negotiations have been ongoing between Senate Republicans and Democrats over key details in the bill. Senator Mark Warner noted that there are still wide areas of disagreement between both sides, saying lawmakers don’t even have an agreed-upon language for some sections.
Jeff Naft, a spokesperson for the South Carolina Republican, stated in a press release that the panel is continuing to negotiate and looks forward to a markup in early 2026. “Chairman Scott and the Senate Banking Committee have made strong progress with Democratic counterparts on bipartisan digital asset market structure legislation,” he stated.
Democrats have continued to push for more time for the talks to play out. In the crypto execs meeting, Democratic senators were invited to the gathering, but it is unclear who has attended. It is also unclear whether further changes will be made following today’s meeting.
Stablecoins become an obstacle to passing the crypto market structure bill
Crypto assets that pay out returns, especially stablecoins, have made it hard to pass a bigger crypto market structure bill. Banks have stated that the GENIUS stablecoin bill, which became law over the summer, requires revision because it doesn’t encompass all necessary provisions.
They say the problem is that the stablecoin law doesn’t do enough to stop stablecoin issuers from paying interest to holders. This could make these assets more appealing as credit and value stores, rather than just a means of payment, which WOULD “distort market incentives” for the banking sector.
Additionally, banking groups have stated that the GENIUS Act’s limits are easily circumvented by exchanges, brokers, and other affiliates.
The FDIC’s Board of Governors decided on Tuesday morning to allow the public to comment on its process for banks that wish to issue stablecoins through their subsidiaries for 60 days. The proposal explains how insured banks can apply, how the agency will review applications, and what appeal options exist for those who are turned down.
Acting Chair Travis Hill, who could be confirmed in the Senate as early as this week, stated that after these rules are finalized, the FDIC will develop a more detailed framework. It will spell out its standards for stablecoin issuers in terms of capital, liquidity, and risk management.
Governor Christopher Waller plans to give Custodia a master account
Wyoming crypto bank Custodia is set to secure a Federal Reserve master account. On Monday, the bank filed a petition where it asked the full Tenth Circuit to reconsider its October decision that sided with the Fed in denying Custodia a master account.
The petition states that the original panel of three judges misinterpreted the Monetary Control Act. According to Custodia, this law gives any eligible bank the right to a master account. However, the petition argues that this grants the Fed “unreviewable discretion” over who can access its payment rails.
Meanwhile, Governor Christopher Waller, who President TRUMP is interviewing for the job of Fed Chair, wants to give companies like Custodia access to a “skinny” master account. This is a limited version of a full master account, designed to make it safer for crypto firms to use the payment system.
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