U.S. Senate Banking Committee postpones discussion of virtual-asset market structure bill until next year

The U.S. Senate Banking Committee decided to move its legislative discussion defining the virtual-asset (cryptocurrency) market structure to next year, after failing to complete it within this year.

On the 16th (local time), according to CoinDesk, a spokesperson for the Senate Banking Committee said in a statement, "Chairman Tim Scott and the Democratic side have made significant progress, but detailed coordination of the bill is still ongoing," and "a markup hearing will not be held this year." Accordingly, the discussion schedule that had been mentioned as possibly taking place at the end of this week has effectively been scrapped.

The decision is seen as a foreseen step in terms of scheduling, but it places a burden on the virtual-asset industry. The industry had hoped that at least the markup process would proceed, but as discussions on the comprehensive market-structure bill—targeted for 2025—are delayed again, uncertainty continues. It remains unclear how quickly negotiations will resume in the new year.

The immediate tasks facing the U.S. Congress are also cited as a variable. After the year-end recess, Congress must prioritize federal government budget issues, and the current budget plan expires on January 30 next year. Even if a government shutdown does not occur, it is expected that, as the midterm election phase intensifies afterward, the time available to devote to discussions on virtual-asset market structure could be limited.

Chairman Scott's office repeatedly emphasized bipartisan agreement. A committee spokesperson said, "We have made clear from the beginning that this legislation must be pursued in a bipartisan manner," and explained, "The goal is to provide a clear regulatory framework for the virtual-asset industry and to make the United States a global virtual-asset hub." The Senate Banking Committee said it will continue negotiations aiming to resume the markup process in early 2026.

Meanwhile, the virtual-asset market structure bill contains provisions that clarify supervisory authority over the virtual-asset market. It distinguishes the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), designates the CFTC as the primary regulator of the spot virtual-asset market, and its core is to more clearly define how securities laws apply to virtual assets.