Summary
- It reported that in the U.S. Senate, debate over the crypto market-structure bill could be delayed for several weeks as it is crowded out by “cost-of-living relief” agendas such as inflation and housing costs.
- It said the likelihood of additional delays has increased as Coinbase withdrew its support in opposition to provisions related to stablecoins and decentralized platforms, weakening legislative momentum.
- It noted concerns that with the November midterm elections and a rising chance of Democrats winning a House majority, if crypto legislation is pushed until after the election it could weaken the Trump administration’s policy momentum.
Expectations are growing that debate in the U.S. Senate over a crypto market-structure bill could be delayed for several weeks. The shift comes as “cost-of-living relief” agendas—such as inflation and housing costs—have risen to the top of the priority list.
On the 21st (local time), Bloomberg, citing people familiar with the matter, reported that the Senate Banking Committee is likely to put off deliberations on the crypto market-structure bill for the time being as it concentrates on implementing President Donald Trump’s measures to stabilize housing costs.
Earlier on the 21st, President Trump signed an executive order restricting Wall Street institutional investors’ purchases of single-family homes. The move is viewed as a centerpiece of the administration’s effort to ease pressure from rising housing and living costs ahead of the November midterm elections.
As a result, the Senate Banking Committee is expected to prioritize institutional implementation of the executive order, raising the possibility that crypto-bill talks will be pushed down the agenda. The crypto market-structure bill has previously seen its markup schedule postponed in both the Senate Banking Committee and the Agriculture Committee, despite bipartisan agreement.
Adding to the uncertainty, Coinbase—a key lobbying force—has withdrawn its support for the bill in protest of provisions related to stablecoins and decentralized platforms. Analysts say the weakened legislative momentum has increased the likelihood of further delays.
Republicans are focused on delivering policy wins ahead of the midterms. Recent polls and Polymarket forecasts put the probability of Democrats winning a House majority at around 80%, fueling concerns that if crypto legislation slips until after the election, the Trump administration’s ability to push its agenda could be undermined.
While the Trump administration has treated crypto policy as a major agenda item since taking office, the analysis is that with voters’ top concern shifting to the cost of living, adjustments to the legislative calendar are likely unavoidable in the near term.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
