US Senate Banking Committee Eyes April Timeline for Crypto Market Structure Bill

Senator Bill Hagerty, a member of the US Senate Banking Committee, has signaled that a digital asset market structure bill could move forward in the coming weeks. Speaking at the Digital Assets and Emerging Tech Policy Summit at Vanderbilt University, Hagerty noted that Republican lawmakers plan to advance the bill through the banking panel starting next week. The bill, initially known as the CLARITY Act when it passed the House in July, has encountered delays due to government shutdowns, stablecoin yield concerns, and ethics issues. Hagerty expressed optimism that the bill could be addressed in the banking committee during the next work period, which begins on Monday of next week. The legislation is seen as a significant piece of crypto-related legislation, aiming to shift oversight of the market from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). However, the bill requires approval from both the Senate Agriculture Committee and the banking committee. The agriculture committee advanced its version in a January markup, but the banking committee has yet to hold a markup due to concerns over tokenized equities, ethics, and stablecoin yield. Hagerty emphasized the importance of finalizing the bill before the 2026 midterms, stating that timely passage could be achieved by April. His comments align with those of Coinbase's chief legal officer, Paul Grewal, who suggested that lawmakers are nearing a consensus on stablecoin yield and other issues. The outcome of the legislation could influence the political landscape in the 2026 midterms, with crypto interest groups like Fairshake and the Fellowship PAC actively supporting the bill. These groups have significant financial resources, with Fairshake reporting a $193-million war chest for the upcoming elections and the Fellowship PAC having raised over $100 million from undisclosed crypto industry backers.