David Sacks Demands Crypto Industry Order as Senate Halts Market Structure Markup
Regulatory limbo hits crypto—again.
David Sacks, the venture capitalist and outspoken industry figure, just issued a clarion call for the crypto sector to get its house in order. The trigger? The U.S. Senate slammed the brakes on a pivotal crypto market structure bill, throwing yet another regulatory roadmap into doubt.
The Senate Pause: A Familiar Story
Markup delayed, progress stalled. Lawmakers hit pause, citing the need for more review—a move that echoes the endless ‘wait-and-see’ approach that’s kept the industry in a gray zone for years. It’s the political equivalent of kicking the can down the road, but the road is now littered with cans.
Sacks’s Prescription: Self-Policing Now
With D.C. moving at a glacial pace, Sacks argues the industry can’t afford to wait. His message: clean up, standardize, and build credible guardrails internally before the government imposes its own—likely clunkier—version. It’s a call for proactive maturity over reactive compliance.
Why This Hurts
Innovation doesn’t pause for committee schedules. The delay leaves builders and investors navigating a patchwork of uncertainty, while TradFi veterans smirk from their well-regulated sidelines—after all, nothing makes a banker happier than watching the new kids struggle with the rulebook they wrote.
The takeaway? Crypto’s future might depend less on lobbying and more on what the industry does for itself today. The Senate’s silence isn’t just a delay; it’s a test.
Pause in markup after Coinbase withdraws support
The banking committee of the U.S. Senate was scheduled to markup its crypto market structure bill, but stated that the markup would not be scheduled. The committee chairman, Tim Scott, confirmed that the markup had been delayed, but he did not provide a specific date. The ruling was reached a few hours after Armstrong’s announcement that Coinbase would not assist with the current form of the bill.
Armstrong cited the clauses regarding rewards on stablecoins, tokenized equities, and what he described as an undermining of the Commodity Futures Trading Commission as justifications for not providing such support.
In this regard, Sacks wrote that market structure legislation has never been as NEAR as it is currently, and that the crypto industry should take a break to address any outstanding differences. He explained that this is the moment to establish the rules of the road and shape the future of this industry, and offered the break in the schedule as an opportunity to finalize the negotiation.
Passage of market structure legislation remains as close as it’s ever been. The crypto industry should use this pause to resolve any remaining differences. Now is the time to set the rules of the road and secure the future of this industry. https://t.co/8tsmW9T1N4
— David Sacks (@davidsacks47) January 15, 2026
Scott asserted that he had had discussions with leaders across the crypto industry, the financial industry, and his Democratic and Republican colleagues, which remain on the table in good faith. He described the current market structure bill in a statement as the culmination of several months of bipartisan talks and practical efforts by innovators, investors, and law enforcement.
According to Scott, the idea behind the legislation is to provide consumers with clear rules of the road that WOULD not only ensure national security but also establish the foundation for the future of finance in the United States.
The WHITE House has reiterated its commitment to working with Scott, the members of the Senate Banking Committee, and industry stakeholders to pass bipartisan legislation on crypto market structure as soon as possible.
He referred to the proposed structure as being intimate. He challenged the industry to MOVE forward and carve its own future with a clear path by participating in the debates rather than evading them.
Lummis signals disappointment as negotiations continue
Sen. Cynthia Lummis hailed Scott as a man who was determined to find common ground on the bill. In the meantime, she said that the present response of some sector of the industry is a pointer that they themselves are not prepared, and that this is the most disappointing thing to her.
Lummis clarified that she would demand considering the input of the industry players and collaborate with them to introduce a product capable of propelling their success.
The proponents of the bill have described its purpose as an attempt to establish a framework to regulate digital assets, including the specified roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission and regulations of both trading platforms and the issuance of stablecoins.
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