The U.S. Senate is facing delays on its crypto market bill as lawmakers work to finish the draft. Meanwhile, staffers in the Banking and Agriculture Committees are trying to finalize the text before setting markup dates.
White House Crypto and AI Czar David Sacks said he was “encouraged by the progress” during a call with Chair John Boozman and Sen. Cory Booker. As a result, the Senate hopes to reopen the government this weekend to keep moving on the bill.
According to Crypto America, staffers are working around the clock to fix disagreements on key points. Additionally, the Agriculture Committee’s draft may show “bracketed” sections where Republicans and Democrats still need to agree.
These brackets highlight unresolved parts about DeFi rules and stablecoin oversight. Even with these efforts, a markup before Thanksgiving is unlikely. Therefore, December now seems the earliest possible time for lawmakers to review the bill.
Industry insiders note the drafting process is still incomplete. Earlier reports suggested a bipartisan draft could appear this week but no text has been released yet.
Meanwhile, committee members are reviewing last-minute changes that affect how digital assets are regulated by the SEC and CFTC. Senator Cynthia Lummis said the discussions are “granular but tremendously productive,” showing progress despite delays.
The bill has major importance for crypto in the United States. Specifically, it aims to clearly separate commodities from securities, giving exchanges, stablecoin issuers, and DeFi platforms more certainty.
At the same time, other countries, like the U.K., are already moving on to digital asset rules. The delays are partly caused by a recent government shutdown that shifted focus to reopening federal agencies.
Lawmakers in both committees remain focused on finalizing the text. Crypto America describes the process as “heads down and noses to the grindstone,” working hard to complete the bill.
Once the draft is ready, the Senate can schedule markup sessions and move the bill forward. Although the final timeline is uncertain, progress continues.
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