Washington Turns Up The Heat On Crypto Market Structure With Back-To-Back Votes Expected Next Week

• The Agriculture and Banking Committees must align separate oversight mandates before the bill reaches the full Senate.
• Formal announcements of the markups have not yet been made despite reported plans.
• Market watchers say unresolved illicit finance concerns remain a sticking point.

The Senate Agriculture Committee is expected to move forward with crypto market structure legislation next week, setting up a coordinated push alongside the Senate Banking Committee that could be key for the next phase of digital asset regulation in the U.S.

According to a report from Punchbowl News, two people familiar with the matter said that the Agriculture Committee plans to hold a markup and vote on its version of the crypto market structure bill on Thursday, Jan. 15. The Banking Committee is expected to mark up its portion of the legislation on the same day.

Both panels share jurisdiction over asset financial market regulation. The Agriculture Committee oversees the Commodity Futures Trading Commission (CFTC), while the Banking Committee has authority over the Securities and Exchange Commission (SEC). Both committees must advance the crypto market structure legislation before the bill can proceed to a full Senate vote.

Senate Committees Coordinate Crypto Push

The renewed legislative push follows months of stalled negotiations, in part due to the government shutdown in the latter half of the year in 2025, and comes amid rising institutional participation in digital asset markets. Major banks have expanded their exposure to crypto-related services, encouraged in part by a regulatory environment under the Trump administration viewed by the industry as more accommodating.

Despite the reports, neither committee has formally announced the markup. Senator Tim Scott, who chairs the Banking Committee, said on Tuesday that he was targeting January 15 for a hearing, but stopped short of confirmation.

Both committees previously released discussion drafts outlining how oversight responsibilities would be divided between the CFTC and the SEC. Reconciling those frameworks remains a key hurdle, requiring both panels to advance compatible versions of the bill.

Analysts Warn of Longer Road Ahead

Even with near-term movement, Wall Street analysts caution that passage this year is not guaranteed. TD Cowen said in a Monday note that crypto market structure legislation could be delayed until 2027, with final rules potentially taking effect in 2029 if political disagreements are not resolved.

MetaLeX founder and crypto attorney Gabriel Shapiro struck a more optimistic tone, saying the U.S. is “probably going to get a crypto market structure bill,” though he acknowledged ongoing concerns related to illicit finance. “There could be some deal,” he wrote on X.

The cryptocurrency market was in the red on Wednesday night. The overall market capitalization fell 1.8% in the last 24 hours to $3.2 trillion. Bitcoin (BTC) dipped around 2% to below $91,000. Retail sentiment on Stocktwits around the apex cryptocurrency remained in ‘extremely bullish’ territory over the past day with chatter at ‘high’ levels.

Read also: Semler Outperforms Crypto Equities While Bitcoin Slips Below $91,000

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