TLDR:
- Senate committees are still finalizing two separate crypto market structure drafts.
- A markup before Thanksgiving now appears unlikely, shifting expectations to December.
- White House adviser David Sacks remains optimistic after discussions with Senators Boozman and Booker.
- The Agriculture Committee’s version will include unresolved sections marked with brackets.
The U.S. Senate’s long-awaited crypto market structure bill may not reach markup before Thanksgiving as planned. Two competing versions from the Agriculture and Banking Committees remain unfinished, with lawmakers racing to finalize the text.
Staffers continue late-night drafting sessions as the government funding impasse stalls progress. Despite the delay, optimism remains within the White House that a bipartisan draft could be completed soon.
Senate Staffers Work Overtime to Finalize Drafts
According to Crypto in America, the Senate’s progress on the crypto market bill has slowed as Congress struggles to reopen the government. The Banking and Agriculture Committees must first complete their drafts before scheduling markups.
Lawmakers were initially targeting a November markup, but that goal now appears unlikely.
Staffers involved in the drafting process have reportedly worked “around the clock” to resolve language differences, according to Crypto in America’s industry sources. Both sides are still negotiating key provisions, with the Agriculture Committee’s draft seen as a “moving target.”
Reporting from Semafor previously suggested a near-final version could appear this week, but no text has yet been released.
Senators John Boozman and Cory Booker are leading the bipartisan effort to define crypto market structure rules that balance oversight and innovation. Their proposed framework is expected to clarify regulatory boundaries between the CFTC and SEC, a long-standing issue in digital asset legislation. However, until the drafts are finalized, the committees cannot proceed with official markups.
White House Crypto and AI adviser David Sacks said he spoke with Boozman and Booker earlier this week and expressed confidence in their progress. Sacks described the conversation as “encouraging,” signaling ongoing coordination between Congress and the administration.
December Markup Likely as Time Runs Short
The Senate is set to recess next week, leaving limited time to finalize and release the text before Thanksgiving.
Even if the government reopens over the weekend, both committees face a tight schedule to complete reviews and circulate drafts. As Crypto in America reported, a December markup now appears the most realistic scenario.
Once released, the Agriculture Committee’s version will reportedly include bracketed sections indicating unresolved policy language. These brackets highlight areas where Republican and Democratic negotiators remain divided, particularly around agency jurisdiction and consumer protections.
The delay underscores the complex nature of crafting bipartisan crypto legislation ahead of the holiday recess. Congressional aides continue to aim for a unified market structure framework before year-end, but insiders caution that timing remains uncertain.
Eleanor Terrett, reporting for Crypto in America, noted that the markup process cannot advance until the text is complete and the government reopens. That dependency has made the bill’s timeline fluid, with the Senate potentially staying in session over the weekend to address the funding standoff.