Senate Democrats Resume Crypto Market Structure Talks Amid Legislative Uncertainty

U.S. Senate Democrats have resumed negotiations on a long-awaited crypto market structure bill, signaling renewed momentum after a recent legislative setback delayed the first Senate vote on the proposal. According to people familiar with the discussions, Democratic lawmakers held a Friday call with representatives from the cryptocurrency industry, showing strong engagement and a willingness to keep the bill moving forward despite earlier criticism.

The call, which took place at noon, followed a high-profile delay earlier in the week that postponed a planned markup hearing by the Senate Banking Committee. In response, Democrats aimed to reassure industry stakeholders that the legislation remains a priority. Participants reportedly left the call with the impression that the Senate Agriculture Committee is still targeting an end-of-month markup hearing, currently scheduled for January 27. However, industry representatives were asked not to disclose specific details from the discussion.

Both the Senate Banking Committee and the Senate Agriculture Committee play key roles in advancing the crypto market structure bill. Lawmakers from both panels joined the call, emphasizing the bipartisan interest in crafting workable digital asset regulation. The draft legislation released earlier this week faced notable pushback, including public opposition from Coinbase, which said it could not support the current version.

As of now, Senate Banking Committee Chairman Tim Scott has not announced a new date for the committee’s markup hearing, which would allow amendments and a potential vote to advance the bill to the Senate floor. If both committees pass their respective versions—one focused on the Securities and Exchange Commission and the other on the Commodity Futures Trading Commission—the proposals would be merged into a single, unified crypto regulation bill.

Despite ongoing challenges, including looming federal spending debates and the approach of the August recess, lawmakers still see a viable window for progress. The upcoming midterm elections add further pressure, tightening the Senate calendar as members shift focus to campaigning. Even so, the crypto market structure bill stands out as one of the few bipartisan initiatives still moving forward, reflecting rare cooperation in an otherwise divided political climate.