Senate Eyes December Markup for Landmark Crypto Market Structure Bill

Quick Breakdown 

• Senate committees aim to mark up a bill on crypto market structure in December, targeting early 2025 passage.
• The effort builds on the House-passed CLARITY Act, with both Senate Banking and Agriculture Committees refining their sections.
• Coinbase’s Brian Armstrong says the legislation could unlock US crypto growth by finally providing clear regulatory rules.

Scott pushes for a rapid timeline

Senate Banking Committee Chair Tim Scott says lawmakers are aiming to mark up a long-awaited crypto market structure bill next month, setting the stage to deliver it to President Donald Trump by early next year.

Speaking with Fox Business on Tuesday, Scott revealed that Republicans have been negotiating with Democrats but accused them of dragging out talks.

The House cleared the CLARITY Act in July, a bill that defines how the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) would divide oversight of digital assets .

Senate committees have since been working on their own version. Republicans on the Banking Committee released a discussion draft in July, signalling that their proposal would ultimately align with the CLARITY Act.

The Senate Agriculture Committee, which oversees the CFTC, issued its discussion draft on November 10, leaving key sections open for negotiation. Meanwhile, the Banking Committee, which has jurisdiction over the SEC, is steering the bill’s securities-focused provisions.

Armstrong: clear rules will “unlock crypto” in the US

Coinbase CEO Brian Armstrong also weighed in, sharing a video from Washington, DC, in which he said he had been pressing lawmakers to prioritize market structure legislation.

According to Armstrong, Senate Banking staff have been

“working nights and weekends”

to prepare the next iteration of the text.

“We’ve got a good chance of a markup in December,”

he said, adding that passage would be a “big milestone” that provides clear rules and unlocks growth for crypto companies across the US.

What happens next

The CLARITY Act was one of three major blockchain-related bills passed by the House in July, alongside the GENIUS Act on stablecoin oversight and the Anti-CBDC Surveillance Act, which seeks to block the development of a central bank digital currency in the US.

If the Senate finalizes and passes its version of the market structure bill, it must return to the House for a final vote before heading to Trump’s desk.

Although Republicans hold a 53–47 majority, the bill will still need at least 60 votes to clear procedural hurdles, making bipartisan cooperation essential.

 

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