The bill brings Congress a step closer to firmly defining how the CFTC and SEC can oversee crypto.
Market structure legislation could still see movement this year, but likely won't become law before 2026.
The U.S. has the deepest liquidity in crypto markets and is home to some of the largest issuers and exchanges, but without a comprehensive market structure we risk ceding ground to Latin America and Europe, Congressman French Hill argues.
Senators Kirsten Gillibrand and Cynthia Lummis said bipartisan efforts on the bill were continuing.
Senate Democrats laid out seven issues they want to see addressed in any market structure legislation, including addressing Donald Trump's crypto ties.
Lawmakers in the Senate Banking Committee have a new draft of the crypto market structure bill that would establish U.S. regulations for crypto trading.
A provision addressing conflicts of interest would likely bolster Dem support for crypto market structure legislation, Angie Craig said.
The bill will eventually become the law that dictates how financial regulators oversee the market.
The Senate only has a discussion draft out on market structure legislation so far, but Scott previously said he expects the bill to be done by the end of September.