Crypto Market Structure Bill Gains Momentum for May Markup
Crypto market structure legislation is moving forward in the US Senate. Lawmakers aim for a possible markup as early as mid-May 2026, despite ongoing disputes over ethics and President Trump’s crypto connections
Momentum Building in Senate
Sen. Thom Tillis (R-NC) has urged Senate Banking Committee Chair Tim Scott (R-SC) to schedule a hearing and markup for the bill. Tillis hopes to release updated legislative text a few days before the session.
A crypto industry source told The Block that “momentum is building for a markup.” The goal is to resolve final issues and advance the bill quickly.
Major Hurdles Remain
The bill has faced delays in the Senate Banking Committee. Key sticking points include:
- Treatment of stablecoin rewards
- Decentralized finance (DeFi) rules
- Illicit finance concerns
The legislation would clarify regulatory roles between the CFTC and SEC. It follows the House-passed “Clarity” bill from last year.
Sen. Angela Alsobrooks (D-MD) stressed that bipartisan support requires resolving ethics and illicit finance issues. Chair Scott believes ethics provisions may need to be handled outside his committee.
Ethics and Trump Ties Create Challenges
Ethics have become a bigger issue as midterm elections approach. Democrats plan to highlight crypto lobbying and the Trump family’s business interests.
Reports show Trump has earned at least $1.4 billion from crypto ventures, including World Liberty Financial and a stake in American Bitcoin. A recent Mar-a-Lago event for TRUMP memecoin holders has also drawn criticism.
Sen. Tillis has stated he will not support the bill without strong ethics language. The House version already includes restrictions on members of Congress and senior officials issuing digital assets during their service.
Political Outlook and Timeline
Chair Scott said lawmakers are in the “red zone” and hopes for a bipartisan markup in May, followed by a Senate floor vote in June or July. However, not all Republicans are aligned. Sen. John Kennedy (R-LA) has withheld support due to frustrations over other stalled bills.
