U.S. Senate Advances Crypto Market Structure Bill to Markup Despite Bipartisan Divide

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry is pressing ahead with crypto market structure legislation, confirming a markup for next Tuesday despite unresolved bipartisan disagreements.

Committee Chair Sen. John Boozman released an updated draft of the bill on Wednesday, arguing that months of stakeholder engagement and legislative work justify advancing the proposal, even as “differences remain on fundamental policy issues.”

“It’s time we move this bill,” Boozman said, acknowledging the lack of full agreement while thanking lawmakers for their collaboration in refining the draft.

Momentum Despite Political Friction

The decision to move forward comes amid stalled bipartisan negotiations and shifting legislative priorities in the Senate, where attention has increasingly turned toward housing affordability initiatives backed by President Donald Trump.

Just last week, Boozman indicated that bipartisan talks were making progress but required more time to resolve outstanding concerns. The absence of Democratic sign-off now highlights the growing tension around how—and how fast—crypto regulation should move through Congress.

The move also contrasts with the Senate Banking Committee, which has yet to advance its own crypto market structure work. That divergence between committees adds uncertainty around the bill’s broader legislative trajectory.

Industry: ‘Momentum Has Not Shifted’

Despite the political divide, industry leaders say the push for crypto market structure legislation remains firmly on track.

Cody Carbone, CEO of the Digital Chamber, said the updated draft signals continued determination to pass comprehensive rules this year. “The will to enact bipartisan market structure legislation remains strong,” he told Decrypt, adding that “the momentum has not shifted.”

Patrick Witt, executive director of the President’s Council of Advisers on Digital Assets, echoed that sentiment earlier this week, urging lawmakers to move ahead and framing passage as “a question of when, not if.”

Trump Signals Support at Davos

President Trump publicly reinforced that message on Wednesday at the World Economic Forum in Davos, stating that Congress is “working very hard on crypto market structure legislation.”

Reading prepared remarks, Trump said he hopes to sign the bill “very soon,” arguing it could unlock “new pathways to reach financial freedom.” He added that the effort applies broadly across digital assets, including Bitcoin.

What the Bill Covers—and What It Doesn’t

The Senate Agriculture Committee’s draft, titled the Digital Commodity Intermediaries Act, builds on earlier bipartisan discussion papers and focuses specifically on regulating digital commodity intermediaries under the Commodity Futures Trading Commission (CFTC).

The bill would establish registration, compliance, and oversight requirements for crypto trading platforms and related service providers operating in commodity markets.

This approach differs from the House-backed CLARITY Act, which addresses broader questions of crypto asset classification and regulatory jurisdiction between the Securities and Exchange Commission (SEC) and the CFTC across the entire digital asset market.

CFTC Capacity Under Scrutiny

Expanding the CFTC’s role has raised concerns, particularly as the agency faces staffing and resource constraints. Its internal watchdog has already flagged digital asset oversight as a growing risk area given limited capacity.

Critics also question whether traditional regulatory tools are fit for on-chain markets.

“The CFTC wasn’t built to oversee autonomous, on-chain financial systems using enforcement models designed for intermediated finance,” said Seth Hallem, CEO of crypto security firm Certora. He argued that real-time, software-driven markets require new regulatory approaches, including cryptographic compliance mechanisms and mathematical verification.

Outlook

As the Senate Agriculture Committee moves ahead with markup, the bill’s progress underscores a key reality in Washington: crypto market structure legislation is advancing, even as consensus remains elusive. Whether the effort can ultimately bridge committee divides and secure bipartisan passage remains one of the central questions shaping U.S. crypto regulation in 2026.