The US Senate is preparing for a possible vote on the crypto market structure bill, which would outline clear rules for how the country should deal with digital assets.
Lawmakers say the measure could finally settle the long-running dispute over whether tokens should be treated as commodities or securities, a decision that would determine which regulator takes charge.
Senate Targets December Markup
As proposed by the committee, the markup for the crypto market structure bill will be on December 8, 2025; this allows senators to debate and change parts of the text before moving it forward.
According to reports, the Senate Banking Committee and the Senate Agriculture Committee plan to move forward with their own drafts and then unify them into one text for the second phase. If both committees clear their drafts, the unified text would be forwarded for a vote by the full Senate.
🚨 BREAKING
U.S. SENATE TO VOTE ON CRYPTO MARKET STRUCTURE BILL IN DECEMBER.
TRUMP SAYS THE BILL IS CRUCIAL FOR MAKING U.S. “CRYPTO CAPITAL OF THE WORLD”
BULLISH FOR BITCOIN IF PASSES. pic.twitter.com/uBG17HyCCm
— 0xNobler (@CryptoNobler) November 26, 2025
Early Vote Still Not Certain
But there are some issues that may hamper the speed of the bill. There are reports that several sections on decentralized finance remain bracketed, indicating that senators have not settled on final language.
🚨NEW: Just had a call with an industry source who recently met with a group of Senate Dems working on market structure legislation. The source said one of the members noted that they are preparing for a possible markup of a bipartisan market structure bill the week of December…
— Eleanor Terrett (@EleanorTerrett) November 25, 2025
Senator Tim Scott, the chairman of the Senate Banking Committee, aims to achieve progress before the year is out. Other members warn that unresolved disagreements could delay a final vote until early 2026. How quickly the committees finish their reports and iron out remaining disputes will determine the schedule.
Two Committees, One Question
Banking and Agriculture have differed over the extent of regulators’ powers. Members on the banking side want greater protections for ordinary investors, including custody and trading protections.
Some more clarity here, pardon the pun: 😁
The CLARITY Act and the crypto market structure bill are the same thing. The CLARITY Act was passed by the House in July and the Senate has been working on its own version, which is what @SenatorTimScott was referring to below.
— Eleanor Terrett (@EleanorTerrett) November 19, 2025
Agriculture members are preoccupied with market structure rules and commodity oversight. Both committees must agree on one system or talks could hit another dead end. The industry groups say they want clarity. Regulators have stayed cautious while waiting to see where Congress lands.
What’s At Stake For Markets
According to sources tracking the talks, a passed bill could give exchanges and crypto firms a set of clearer rules on how to register, list assets, and manage user funds. That might encourage more companies to operate in the US.
People trading crypto could also see better protections. Critics worry that strict rules might push startups abroad. The choices lawmakers make will influence how money flows into the sector.
Key Issues Around DeFi Oversight
According to sources, the most contentious disagreements over changes involve DeFi. Senators continue to disagree over how such protocols should be regulated and who is liable when something goes wrong.
While some lawmakers prefer narrow rules that won’t hurt small developers, others are pushing for broader authority over platforms that increasingly resemble traditional financial services. That debate has left large swaths of the text incomplete.
Featured image from Unsplash, chart from TradingView
