U.S. Senate Committees Set Jan. 15 Markups on Sweeping Crypto Market Structure Bill
Washington's crypto reckoning gets a date: January 15th. That's when Senate committees will start marking up a landmark bill that could reshape the entire digital asset landscape. Forget piecemeal regulation—this is the big one.
The Regulatory Gauntlet
Committees aren't just holding hearings; they're wielding red pens. Markup sessions are where legislation gets cut, rewritten, and hardened into its final form. For an industry that's thrived in regulatory gray areas, this move from talk to action signals a profound shift. The bill aims to draw clear lines between securities and commodities in the crypto world—a distinction that's been about as clear as mud.
Why This Time Is Different
Previous attempts fizzled out in debate. Setting a concrete markup date bypasses endless discussion and forces a vote. It turns theoretical frameworks into actionable text. The bill's 'sweeping' scope means it doesn't tinker at the edges—it proposes a foundational market structure, potentially granting new clarity to exchanges, token issuers, and everyday investors. Of course, clarity for some means compliance costs for others—a trade-off Wall Street has monetized for decades.
The Stakes for January 15
Watch for amendments that could make or break the sector. Provisions on custody, exchange registration, and stablecoin issuance will face scrutiny. The outcome could either legitimize crypto in the eyes of traditional finance or saddle it with rules designed for a bygone era. One cynical take? The same institutions that called crypto a fraud are now lobbying hardest to define its rules—typical finance, always finding a seat at the table when the menu gets expensive.
Mark your calendar. The next chapter for crypto in America starts in one week.
Crypto bill seeks to clarify digital asset rules
The bill being discussed is a sweeping crypto market structure bill. Its main goal is to establish clear rules for digital assets and determine which government agency should be responsible for what. Today, the rules are unclear. Some digital assets resemble investments, while others resemble commodities. As a result, various agencies dispute over who should oversee them.
The challenge lies in determining which cryptocurrencies should be classified as securities and which should be classified as commodities.
The Senate Banking Committee has a version of the bill that introduces a new term called “ancillary assets.” This WOULD explain which cryptocurrencies are not securities. This is important because if something is not a security, the SEC cannot treat it like a stock.
The Senate Agriculture Committee has a different version that gives new authority to the CFTC. Their version is still full of brackets, indicating that many parts are still being discussed and have not been fully agreed upon yet.
If both committees succeed in passing their versions next week, the two versions must be combined into a single agreed-upon version before being put to a full vote in the Senate. After that, lawmakers must also compare it to a House version called the Digital Asset Market Clarity Act, also known as Clarity, which passed the House earlier in the year.
If both the House and Senate pass a final bill on the crypto market structure, it will then be sent to the President for signing. If signed, it becomes law.
Debates expected around stablecoins and conflicts of interest
Two significant issues are expected to arise during the January 15 markups. The first issue concerns President Donald Trump’s connections to the cryptocurrency industry. Reports indicate that he has earned substantial amounts of money from family cryptocurrency businesses. Lawmakers may discuss whether these connections could create conflicts of interest as the government tries to make clear rules for the same industry.
The second issue concerns stablecoins, a type of digital currency that maintains a stable value relative to the U.S. dollar. Last summer, a bill named GENIUS passed, setting rules for stablecoins. However, the American Bankers Association’s Community Bankers Council sent a letter to the Senate stating that there are still gaps that need to be addressed.
The bankers worry that some crypto companies could use stablecoins to offer yield rewards to people holding them. Banks say this could make it harder for them to lend money to local communities because banks use customer deposits to create loans. They say the law should protect fairness so banks are not disadvantaged.
Many in the crypto world strongly disagree. On Wednesday, Faryar Shirzad, the Chief Policy Officer at Coinbase, wrote that banks are not worried about safety, but about competition. He said that allowing stablecoin rewards could mean lower costs, more choices, and better payment systems for normal people.
The crypto industry also argues that banks have held a significant amount of power over payments for a long time and that new technology should be allowed to compete fairly.
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