Key Highlights
- The U.S. crypto market structure bill is delayed as lawmakers and crypto leaders clash over rules.
- Coinbase and other industry groups withdrew support, citing issues with stablecoins, DeFi, and regulatory authority.
- Even if passed, implementing the bill could take years due to complex rulemaking requirements.
Lawmakers and crypto leaders in the United States are at a standstill over the crypto market structure bill, leaving its future uncertain as negotiations stall in early 2026.
The bill was designed to create clarity for how the U.S. government oversees crypto. However, it has faced delays after missing its original September 2025 deadline, then the end-of-year target, and now faces further postponements.
Officials are having disagreements stablecoin interest among other things, and who controls rules have made the bill very difficult to pass, with major industry groups pulling their support and crucial Senate hearings canceled.
Senate hearings postponed as talks stall
Just two weeks into 2026, the Senate Banking Committee postponed a planned markup vote, which was meant to define the language and framework of the bill. Chairman Tim Scott, a Republican from South Carolina, described the pause as “brief.”
He added that “I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith.” The cancellation follows a similar delay by the Senate Agriculture Committee, which postponed its markup session to January 27.
Coinbase pulls back on its Support
Meanwhile, Coinbase CEO Brian Armstrong has recently announced his company can no longer support the bill because it has “too many issues.” In a tweet, he highlighted some of this issues including the proposed bans on tokenized equities, rules against decentralized finance, limits on stablecoin interest, and a shift of power from the Commodity Futures Trading Commission to the Securities and Exchange Commission.
According to Armstrong, “This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft.”
At the same time, other crypto executives stressed the need for responsible rules that protect consumers without stifling innovation. Ji Hun Kim of Crypto Council for Innovation said, “It remains critical to preserve consumer choice and ensure any framework supports responsible competition. Clear, workable rules should protect consumers and drive innovation without narrowing the range of financial services available.”
Kraken co-CEO Arjun Sethi also added, “Market structure legislation is, by definition, complex. Resolving it was never going to be frictionless. The existence of remaining issues does not mean the effort has failed. It means we are doing the hard work of governing.”
Experts says rulemaking could take years
Experts also said that even if a bill passes, it could take years to be fully implemented. Justin Slaughter from Paradigm said the law requires 45 separate rules to be written, and the work could last through the next presidential term.
Despite these setbacks, industry lobbying groups remain hopeful. Summer Mersinger of the Blockchain Association called the delay a “moment of recalibration, not an end point,” highlighting the ongoing effort to refine the bill. The Clarity Act, as it is sometimes called, continues to face political and procedural hurdles, but the push to establish U.S. crypto regulations persists.
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